CLYDESDALE Bank owner CYBG has appointed a business transformation officer as it targets increased savings from its merger with Virgin Money, writes Scott Wright.

Lucy Dimes, who is expected to join the bank from UBM on July 1, will “lead on improving the efficiency and effectiveness of the bank”, in addition to the “successful delivery of its investment and transformation plan”.

The hire comes after CYBG last week raised the prospect of further redundancies as it targeted an additional £50 million of annual net cost savings from its merger with Virgin Money by the end of 2022.

The bank, which initially said the £1.7 billion merger with Virgin will lead to around 1,500 job losses, is now aiming to be making total annual net cost savings of £200m by 2022.

It did not say how many more jobs would be at risk as a result of the extra cost savings, though a spokesman said it could “include some further role reductions and automation in the branch network and other operational areas”.

Ms Dimes was chief executive for Europe, Middle East and Africa at UBM, the global business information provider, where she was said to have drive significant revenue growth “through accelerated transformation of the operating model.”