Clydesdale Bank plc is a retail and commercial bank in the United Kingdom. It was formed in Glasgow, Scotland in 1838, and is the only former Scottish bank which retains its UK headquarters in Scotland, following the implosions in 2008 of the Bank of Scotland and of the Royal Bank of Scotland. With its immense and international growth in commercial and industrial clients, including Sir Robert McAlpine & Sons, and their extensive credit requirements it sought investment by a larger consortium. Consequently it was purchased by Midland Bank, the largest bank in the world at this stage, in 1920. Much later the Clydesdale became 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, to be renamed as Virgin Money UK plc, trading on the London and Sydney stock exchanges. In June 2018, it was announced that Clydesdale Bank's holding company CYBG would acquire Virgin Money for £1.7 billion in an all-stock deal, and that the Clydesdale and Yorkshire Bank public brands would be phased out in favour of retaining Virgin's brand. CYBG plc's banking businesses, Clydesdale Bank, Yorkshire Bank, Virgin Money and B, currently operate as trading divisions of Clydesdale Bank plc under its banking licence. More information...
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