Clydesdale Bank had been an underperforming member of the National Australia Bank (NAB) group and rumors had suggested that NAB was looking to sell it off. However, a recent streamlining program, which included the closure of over 60 branches and the loss of over 800 Scottish jobs, seems to have prompted a turnaround in the bank’s performance.
Chief executive of NAB, John Stewart, was even quoted in the Scotsman newspaper as saying that he believes Clydesdale could even become the jewel in the crown of NAB. NAB also owns Yorkshire Bank and the Bank of New Zealand.
The Scotsman quoted Mr Stewart as saying of Clydesdale Bank: Now the whole board is unanimous that it’s not for sale. We could get a great offer but it’s not on the market.
