The Clydesdale & Yorkshire Bank CYBG PLC/IDR UNRESTR (ASX: CYB) share price is 3.3% higher to $3.50 today despite the regional British bank releasing no specific news to the market.
The stock is probably climbing after the FTSE 100 Index of leading companies climbed nearly 2% on Friday in a broad based relief rally helping lift financial services businesses from new depths driven by fears the UK's Brexit mess could torpedo its financial services industry.
Of all the shares on the ASX the Clydesdale & Yorkshire Bank is probably the most exposed to negative fallouts from Brexit and it already had a long list of regulatory problems of its own aside from Brexit.
In fact Clydesdale Bank earned a record £20.7 million fine from the British regulator for mis-selling insurance products to around 100,00o customers. All this was while the British bank was still wholly owned by National Australia Bank Ltd (ASX: NAB).
Given its weak competitive position and atrocious track record of regulatory problems and operational failings it's not hard to see why NAB bankers were keen to dump the business.
The stock is down significantly since it started trading on the ASX in February 2016 in a scenario I suggested to investors was a likely outcome at the time of the spin off.
