UK challenger banks still between rock and a hard place
![CYBG has used up an indemnity from former owner NAB, so any new costs for mis-sold insurance will hit the bottom line.](http://web.archive.org./web/20180509033332/http://www.afr.com/content/dam/images/h/0/z/u/6/7/image.related.afrIndexLead.320x210.h0zu4n.png/1525836427416.jpg)
Many see the mooted merger between Virgin Money and CYBG as defensive, creating the UK's largest mid-sized bank. However, the combined entity would still only have 2.5 per cent of current accounts.