Clydesdale Bank plc
Clydesdale Bank plc is a retail and commercial bank in Scotland. It was formed in Glasgow, Scotland in 1838 and now trades as Virgin Money.
The former 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) David Duffy (Chief Executive Officer) |
| Services | Retail banking SME banking |
| Revenue | £ 1.004 billion (2015) |
| £(308) million (2015) | |
Net income | £(249) million (2015) |
| Total assets | £ 38.7 billion (2015) |
| Total equity | Unknown |
Number of employees | c. 8,703 (2018) |
| Parent | Virgin Money UK plc |
| Divisions | B |
| Subsidiaries |
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| Website | www |
With its immense and 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.
The public marketing name 'Virgin Money' is used by all the operating divisions of Virgin Money UK plc, whose headquarters are at 177 Bothwell Street, Glasgow. It is the UK 's sixth largest bank.
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.