Clydesdale Bank
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The headquarters of Clydesdale Bank in St Vincent Place, Glasgow
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| Public | |
| Industry | Finance and Insurance |
| Founded | 1838 |
| Headquarters | St Vincent Place, Glasgow, Scotland |
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Key people
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James Pettigrew (Chairman) David Duffy (Chief Executive Officer) |
| Products | Financial services |
| Revenue | £17.5 million (2007) |
| £194 million (pre annual 2008) | |
| £139 million (pre annual 2008) | |
| Total assets | £35.8bn (Mar 2014) [2] |
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Number of employees
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c. 4,758 (2014) |
| Parent | CYBG plc |
| Subsidiaries | Yorkshire Bank |
| Website | www |
Clydesdale Bank plc (Scottish Gaelic: Banca Dhail Chluaidh) is a commercial bank in Scotland. Formed in Glasgow in 1838, it is the smallest of the three Scottish banks. Independent until it was purchased by Midland Bank in 1920, it formed part of the National Australia Bank Group (NAB) between 1987 and 2016. Clydesdale Bank was divested from National Australia Bank in early 2016 and its holding company CYBG plc, trades on the London and Sydney stock exchanges. CYBG plc's other banking business, Yorkshire Bank operates as a trading division of Clydesdale Bank plc under its banking licence.
As with the two other Scottish banks, the Bank of Scotland and the Royal Bank of Scotland, Clydesdale Bank retains the right to issue its own banknotes.
In March 1838, an advertisement appeared for a new joint stock banking company in Glasgow, the Clydesdale Banking Company. It was to be "chiefly a local bank – having few branches – but correspondents everywhere" though it was conceded that a branch in Edinburgh would be necessary. The Bank duly opened for business in both cities in May 1838. Checkland described the Bank as the creation of "a group of Glasgow businessmen of middling order, liberal radicals…who were active in the government and charities of the city."
The driving figure behind the formation of the Bank was James Lumsden, a stationer by business, a councillor, police commissioner and, later, Lord Provost of Glasgow. Another member of the founding committee, Henry Brock, became the Bank's first manager. Brock came of a merchant family, was an accountant and one of the founders of the Glasgow Savings Bank. Despite the declaration in the advertisement, in the year after formation the Bank opened three Glasgow branches as well as its first country branches in Campbeltown and Falkirk; a further seven had been opened by 1844. These were supplemented by the acquisition of the Greenock Union Bank; formed in 1840, it had four branches in the Glasgow hinterland.
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