| Clydesdale Bank | |
| Type: | Trading name |
| Foundation: | May 1838 (official opening) |
| Location City: | Glasgow |
| Location Country: | Scotland |
| Key People: | James Pettigrew (Chairman) David Duffy (Chief Executive Officer) |
| Industry: | Banking, Financial services |
| Services: | Retail banking SME banking |
| Revenue: | See Parent company |
| Operating Income: | See Parent company |
| Net Income: | See Parent company |
| Assets: | See Parent company |
| Num Employees: | See Parent company |
| Parent: | Clydesdale Bank plc |
Clydesdale Bank (Gaelic; Scottish Gaelic: Banca Dhail Chluaidh)[1] is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.
In June 2018, it was announced that Clydesdale Bank plc's holding company, CYBG, would acquire Virgin Money for £1.7 billion in an all-stock deal, and that Clydesdale Bank plc's Clydesdale Bank, Yorkshire Bank and B brands would be phased out in favour of Virgin Money's brand, including the renaming of parent company CYBG plc to Virgin Money UK plc. Clydesdale Bank, along with Virgin Money and Yorkshire Bank (B's rebrand to Virgin Money was completed in 2019), currently operate as trading divisions of Clydesdale Bank plc under its banking licence.
See main article: Clydesdale Bank plc.
See also: Banknotes of Scotland.
Following the announcement of the CYBG's takeover of Virgin Money in 2018 and planned phasing-out of the Clydesdale Bank brand by 2021 in favour of Virgin Money, it was announced that Virgin Money would continue to issue banknotes under the Clydesdale brand after 2021.[2]
Until prevented by the Bank Charter Act 1844, privately owned banks in Great Britain and Ireland were permitted to issue their own banknotes, and money issued by provincial Scottish,[3] English, Welsh and Irish banking companies circulated freely as a means of payment.[4] While the Bank of England eventually gained a monopoly for issuing banknotes in England and Wales, banks in Scotland and Northern Ireland retained the right to issue their own banknotes and continue to do so to this day. In Scotland, Clydesdale Bank, the Royal Bank of Scotland and Bank of Scotland still print their own banknotes.
The current designs were released in autumn 2009.[5] The obverse designs feature famous Scots while the reverse designs feature Scotland's UNESCO World Heritage Sites.
The previous series of Clydesdale notes each depicted a notable person from Scottish history:[6]
An image of Adam Smith also features on the £20 note issued in 2007 by the Bank of England, granting Smith the unique status of being the only person to feature on banknotes issued by two different British banks, and the first Scot to appear on a Bank of England banknote.[7]
The Clydesdale Bank ceased issuing £1 notes in the late 1980s. These latterly had an image of Robert the Bruce, whilst the contemporaneous £20 notes had an image of Lord Kelvin.
The £10 notes issued from 1971 bore an image of Scottish explorer David Livingstone with palm tree leaves and an illustration of African tribesmen on the back.[8] A later issue showed Livingstone against a background graphic of a map of his Zambezi expedition, showing the River Zambezi, Victoria Falls, Lake Nyasa and Blantyre, Malawi; on the reverse, the African figures were replaced with an image of Livingstone's birthplace in Blantyre.[9]
Occasionally the Clydesdale Bank issues special commemorative banknotes to mark particular occasions or to celebrate famous people. These notes are much sought-after by collectors and they rarely remain long in circulation. Examples to date have included:[10] [11]
In March 2015, the Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes. The £5 commemorative notes, issued to commemorate the 125th anniversary of the construction of the Forth Bridge, are printed by De La Rue and are the first in Europe to use the company's "Safeguard" polymer substrate security feature. The notes also use the "Spark Orbital" security feature which depicts a reflective map of Scotland over a transparent "window" in the banknote.[14] [15]
Although the Clydesdale's 2015 issue are the first plastic banknotes issued within Great Britain, these are not the first polymer banknotes to be issued in the United Kingdom — in 1999, the Northern Bank (now Danske Bank) issued a series of polymer £5 notes depicting the US Space Shuttle. The Bank of England issued a polymer £5 note for the first time in September 2016.[16]
In March 2005, Clydesdale Bank became one of the official partners of the Scottish Commonwealth Games Team, at the 2006 Commonwealth Games in Melbourne, Australia. This sponsorship builds on the relationship formed by its parent, NAB Group, who are one of the Games' main sponsors as well as a key partner with the Australian team, whilst the sister company, Bank of New Zealand, has joined forces to support its national team. The bank also released a series of Ten Pound (£10) notes with a Commonwealth Games related theme for the occasion.
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