Clydesdale Plc

By: EconomyWatch Content   Date: 4 November 2009

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Clydesdale Plc is one of the few banks of UK that are permitted to issue their own currency notes. This bank was founded in 1838 in Glasgow. Clydesdale was the first Scottish bank to expand operations to England and open a branch in the northern parts. London was their second branch and gave Clydesdale a greater reach into other parts of England.

Clydesdale Plc: History

Having started operations in 1838, Clydesdale expanded until it was acquired by Midland bank in 1919. Midland bought the North of Scotland Bank in 1926 and later merged these two acquisitions in 1926.

Midland Bank later sold its UK-based acquisitions to North Australia Bank in 1987. With this change, Clydesdale Bank came under the aegis of NAB and became a part of NAB’s UK and Irish subsidiaries; including the National Irish Bank in Ireland and Northern Bank in Northern Ireland. Later NAB acquired Yorkshire Bank in 1990 and enhanced its UK presence.

Clydesdale plc initiated the concept of automated banking and deployed AutoBank, ATMs and Keypads at its branch counters in the 1970s. Introduction and deployment of new technology was followed closely with a change in their corporate identity with a new ‘CB’ logo against a mustard-yellow color scheme.

With growth as the aim, NAB transferred the liabilities and assets of Yorkshire bank to Clydesdale Bank in 2001, and reorganized its British operation by combining its two banking licenses into one. This transfer was facilitated by the National Australia Group Europe Act 2001 (a private Act of Parliament). Since then, Yorkshire Bank is the trading name of the Clydesdale Bank in England.

Clydesdale Plc: Products and Services

Right from current accounts to mortgages, Clydesdale Plc has a rich inventory of products that take care of personal as well as corporate needs. The most interesting of these is their students current account, which offers an overdraft facility of £1,000 in the first year and £3,000 afterwards.

Clydesdale offers a wide range of loans, mortgages, insurances, saving accounts, travel products and bespoke financial planning service as well. With saving accounts at as low as £500, Clydesdale Plc offer great options for savings too.


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