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May 30, 2015 1:14 AM ET

Banks

Company Overview of Clydesdale Bank PLC

Company Overview

Clydesdale Bank PLC, together with its subsidiaries, engages in the retail and commercial banking business, primarily in the north of England and in Scotland. The company operates in two segments, Business & Private Banking, and Retail Banking. It offers current accounts, savings accounts, and term deposits; personal and car loans; credit cards; mortgages; home, car, travel, life and critical illness, motor, and commercial insurance products; prepaid currency cards; and Internet banking and mobile banking services. The company also provides asset finance, acquisition finance, invoice finance, and business growth finance; treasury solutions, including foreign exchange risk management, currenc...

30 St Vincent Place

Glasgow,  G1 2HL

United Kingdom

Founded in 1838

4,752 Employees

Key Executives for Clydesdale Bank PLC

Acting Chief Executive Officer, Chief Operating Officer and Executive Director
Age: 43
Executive Director and Member of Risk Committee
Age: 60
Chief Risk Officer
Chairman of Financial Solutions Centre
Chairman of Kent Operations
Compensation as of Fiscal Year 2014.

Clydesdale Bank PLC Key Developments

Clydesdale Bank PLC Names David Duffy as Chief Executive Officer and to the Board, Effect from June 5, 2015

Clydesdale Bank PLC has announced that David Duffy will join as Chief Executive Officer with effect from 5 June 2015. He has also been invited to join the Boards of Clydesdale Bank PLC. David Duffy joins from Allied Irish Banks where he has been Chief Executive Officer since December 2011. Until recently, he was President of the Banking and Payments Federation of Ireland and a Director of the European Banking Federation.

Clydesdale Bank PLC Reports Earnings Results for the Six Months Ended March 31, 2015

Clydesdale Bank PLC reported earnings results for the six months ended March 31, 2015. For the period, the company reported statutory after-tax profit of £114 million against £72 million a year ago. Interest income and similar income of £554 million compared to £566 million a year ago. Net interest income was £390 million compared to £384 million a year ago. Total operating income of £524 million compared to £477 million a year ago. Operating profit before impairment losses of £161 million compared to £137 million a year ago. Profit on ordinary activities before tax of £133 million compared to £87 million a year ago. Profit attributable to equity holders of the parent of £114 million compared to £72 million a year ago. Net cash provided by operating activities of £349 million compared to net cash used in operating activities of £341 million a year ago. Purchase of tangible fixed assets was £8 million compared to £15 million a year ago. Purchase of intangible assets was £3 million compared to £5 million a year ago. Operating profits rose due to a combination of lower impairment losses on credit exposures and an exceptional gain attributable to a capital restructure in December 2014. Net interest income climbed by 1.7% to £390 million as a result of higher income from housing lending and lower term deposit costs. A more pronounced increase was prevented by lower business lending income, which was brought about by subdued demand for business credit and the managed run-off of lower yielding assets.

Clydesdale Bank to Close Eight Branches in Scotland; Plans New Branch Concept in Aberdeen

Clydesdale Bank has announced plans to close eight further branches in Scotland as it continues to overhaul its high-street estate. It said sites in Denny, Kilwinning, Glasgow Springburn, Dundee, Helensburgh, Forres, Dollar and Hamilton will be shutting in the coming months. However, the 28 staff employed across the locations are being offered the chance to be redeployed to nearby branches. Dozens of other staff in England will also be offered the chance to continue employment in alternative locations with 11 sites there also to close while business centres and branches in Gloucester, Lincoln, York and Leicester will share premises. The bank announced last year it was shutting 28 branches but would invest £25 million in overhauling its high-street network. That programme has brought closures in Aberdeen, Auchterarder, Blairgowrie, Bothwell, Bridge of Allan, Bucksburn, Cupar, Edinburgh, Glasgow, Haddington, Kinross, Kirkcaldy and Whitburn. The bank is investing in new branches. A new branch concept in Aberdeen, which brings together commercial, private and retail operations in one location, is being trialed and if successful could be rolled out to other cities.

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