 The former historic headquarters of Clydesdale Bank in St Vincent Place, Glasgow | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking, financial services |
| Founded | 1838 |
| Successor | Midland Bank  |
| Headquarters | Glasgow, Scotland, UK |
Key people | James Pettigrew (Chairman) Chris Rhodes (Chief Executive Officer) |
| Services | Retail banking SME banking |
Number of employees | c. 8,703 (2018)[1] |
| Parent | Virgin Money UK |
| Divisions | |
| Website | cbonline |
Clydesdale Bank plc is a retail and commercial bank based in Scotland and now owned by Virgin Money UK. It was formed in Glasgow, Scotland, in 1838 and since 2019 mainly trades as Virgin Money.
With its international growth in commercial and industrial clients, including Sir Robert McAlpine & Sons, and their extensive credit requirements it sought investment by a larger consortium. Consequently it was purchased by Midland Bank, the largest bank in the world at this stage, in 1920. Much later the Clydesdale became part of the National Australia Bank Group (NAB), between 1987 and 2016. Clydesdale Bank was divested from National Australia Bank in early 2016, with its new holding company, CYBG plc, trading on the London and Sydney stock exchanges. In June 2018, it was announced that CYBG would acquire Virgin Money for £1.7 billion in an all-stock deal, and that the Clydesdale and Yorkshire Bank public brands would be phased out in favour of retaining Virgin's brand, including the renaming of CYBG plc to Virgin Money UK plc.
For the time being the marketing name 'Virgin Money' is used by all the operating divisions of the bank, whose headquarters are at 177 Bothwell Street, Glasgow. It is the UK's sixth largest bank and in October 2024 was acquired by Nationwide Building Society.
As with two other banks of Scottish origin, namely the Bank of Scotland and the Royal Bank of Scotland, the Clydesdale Bank retains the right to issue its own banknotes.
- ^ "Annual report and consolidated financial statements 2019". Virgin Money UK plc.