Shares in Britain’s CYBG fell 5%, as the mid-sized lender reported a first-half loss of £76m (€86.3m) and gave no update on its bid for Virgin Money.

Virgin Money is expected to reject an initial £1.6bn (€1.8bn) takeover offer from rival British ‘challenger’ bank CYBG, which is led by former AIB boss David Duffy.

The return of an advertising campaign starring an animatronic head of Arnold Schwarzenegger has caused complaints about mis-sold payment protection insurance to surge for one UK bank, hammering its shares.