Potentially the flight of funds from UK, recession, house price...

Potentially the flight of funds from UK, recession, house price crashes, unemployment.
Then there's potentially the exit of Scotland/Ireland from UK.

Wholesale funding markets may also be affected but CYBG is actually mostly deposit funded (and sticky household deposit too).

I did top up today at $4.69 which was > 30% discount to my pre-Brexit valuation of CYB. Having said that, my macroeconomic skillz isnt elite enough to assess the POTENTIAL impact to CYB's future earnings, other than the deflation of the pound.