Yorkshire Bank owner sets out contingency plans ahead of Scottish vote

YORKSHIRE Bank owner  National Australia Bank (NAB) plans to re-register its subsidiary Clydesdale Bank as an English company should there be a ‘Yes’ vote in next week’s Scottish independence referendum.

It is believed Clydesdale would almost certainly be based in Leeds.

NAB said the decision is in order to mitigate risks and provide increased certainty for customers during the independence negotiations and beyond.

David Thorburn, chief executive, said: “This contingency plan gives our Clydesdale and Yorkshire Bank customers increased certainty about the ongoing success and stability of the bank.

“We have strong roots in Scotland and we remain fully committed to our customers, staff and the communities in which we operate. Any change to the company’s legal structure would have no impact on the vast majority of the bank’s staff. Clydesdale Bank would continue to serve its customers just as it has since 1838 and Glasgow will continue to be the bank’s key operational centre.”

Re-registration in England would be subject to a number of regulatory approvals and other requirements, the timing and cost of which would be determined in due course.