Clydesdale confirms new chief executive

Clydesdale confirms new chief executive

Clydesdale Bank has confirmed that David Duffy will join as chief executive from 5 June 2015, after the appointment received regulatory approval.

He will also join the both Clydesdale and parent company National Australia Group Europe’s boards as an executive director.

Mr Duffy joins from Allied Irish Banks, where he has been chief executive since December 2011, also holding the position of Banking and Payments Federation of Ireland president until recently, as well as being a director of the European Banking Federation.

He said: “With our parent company having announced that it intends to pursue a demerger and IPO of our business by the end of this calendar year, I’m looking forward to leading the banks through this exciting new phase in their development.”

Earlier this month National Australia Bank confirmed its plans to offload the Clydesdale and Yorkshire Bank subsidiaries, adding that it was instructed by the Prudential Regulation Authority to set aside a further £1.7bn for potential redress.

The preferred public market exit option is a demerger of 70-80 per cent of NAB Europe and Clydesdale to NAB shareholders and a sale of shares in an IPO of the remaining balance of 20-30 per cent to institutional investors, targeting an exit by end of this year.

Mr Duffy continued that his key focus will be to further build on the strength of the business and ensure Clydesdale and Yorkshire Banks provide a very real challenge to the big UK banks as a distinctive customer champion.

NAB and the board previously announced the appointment on 19 January.