Have I read correctly that there's an additional €50m (above the...

Have I read correctly that there's an additional €50m (above the already diclosed €150m) cost savings associated with the VM integration by FY22 that hasn't previously been disclosed to the market?

Strategy looks great - Greater than 12% Statutory RoTE target by FY22 is very attractive.

High-level relative valuation against say Lloyds:
- RoTE: 14.5% LLOY vs >12%CYB (target)
- CIR both mid 40%'s
- CET1 both within 13%'s (target)
- Key difference in NIM (LLOY ~ 120bps higher) largely reflected in the higher RoTE (very high-level deduction given CIR & capital ratios v similar, albiet not accounting for any difference in level service based income etc).

Current LLOY P/B ~ 0.95x
Small sample of other prominent UK banks returning high single digit RoTE seem to be ranging ~ between 0.5x - 0.7x

On balance, it would seem entirely reasonable to expect say ~ 0.7x on a relative valuation basis in the current environment.
This would, by my calculations, yield GBP per share price of ~ €2.43 @ 1.83 AUD ~ $4.40AUD.

Add to the above whatever discount capital markets are placing on Brexit uncertainty accross the board & there appears to be a long way up over time from current prices for those of us who aren't currently in a panicked frenzy