Clydesdale Bank is a Scottish commercial bank founded in Glasgow in 1838. Independent until 1920 when it was purchased by Midland Bank, it is the smallest of the three major Scottish banks (the others being Bank of Scotland and Royal Bank of Scotland).
Clydesdale Bank was intended to be a ‘local’ bank, but an Edinburgh branch was founded simultaneously and three more Glasgow branches, a Falkirk branch and a Campbelltown branch had opened within the first year.
Clydesdale Bank was bought by National Australia Bank in 1989 and remained part of NAB until 2014 when NAB ceased all UK operations. The bank was floated on the London Stock Exchange as CYBG Plc. CYBG acquired Virgin Money in June 2018; retail banking customers will be migrated over to the Virgin brand in the next few years.
Clydesdale Bank has the right to issue its own banknotes, as do the other two major Scottish banks. In 2015, Clydesdale became the first bank in Great Britain to issue polymer banknotes.
Clydesdale Bank Products and Services
High net worth individuals with individual earnings of over £75,000, or a joint income or assets of over £100,000, can take advantage of Clydesdale Bank’s private banking services. These are geared towards the more complex needs of high net worth people and include current accounts, mortgages, credit cards, asset finance and wealth referral advice. Private banking customers have access to a private finance manager.
Clydesdale also has a huge range of options available to business and corporate customers, with regional teams that work to understand and manage the needs of small and large businesses in their area. This strand of the business focuses on three core areas: private equity backed businesses, mid-market and larger SMEs and specialist sectors. Clydesdale uses the fact it is smaller than some other banks as an advantage, with all business customers able to access these specialised regional teams.
Clydesdale also offers highly specialised services to professional services companies such as architecture firms, lawyers and accountants. Clydesdale has bespoke business banking solutions that can meet these very specific goals.
Clydesdale Bank Security
Deposits of up to £85,000 made into a Clydesdale bank account are covered by the Financial Services Compensation Scheme (FSCS).