New boss for bank indicates early flotation

Clydesdale bank hires AIB boss Duffy as chief executive

Clydesdale BankClydesdale Bank has moved quickly to fill its vacant chief executive role by appointing David Duffy of Allied Irish Banks.

The speed of Mr Duffy’s appointment suggests that parent National Australia Bank wants to press ahead with a flotation of Clydesdale and Yorkshire Banks.

He will succeed David Thorburn who is stepping down after a long association with the Glasgow based bank, four years as CEO.

Mr Duffy, 53,  has been chief executive of AIB since December 2011.  It is one of the largest retail and commercial banks in Ireland with around 2.5 million customers across the Republic of Ireland and the UK.  The AIB group employs over 10,000 staff and operates 322 branches.

He is also President of the Banking and Payments Federation of Ireland and a Director of the European Banking Federation.

With almost three decades of international banking experience, he has held a number of key senior roles and was a former CEO of Standard Bank International with responsibility for operations in the UK, Europe, Latin America and Asia.

He was also previously Head of Global Wholesale Banking Network with ING Group and President and Chief Executive Officer of the ING wholesale franchises in the United States and Latin America.

Mr Duffy will join the boards of Clydesdale Bank and National Australia Group Europe as an Executive Director.

He will be in post within the next few months, said the bank.

Clydesdale chairman, Jim Pettigrew, said: “We are delighted to announce the appointment of David Duffy as CEO of Clydesdale Bank.

“David is a highly effective and motivational leader with a wealth of international banking experience and a strong track record in retail banking.  In the past three years with AIB, he has delivered an impressive programme of positive change which has been built around the needs of customers.  A passionate and genuine customer champion, David’s broad-based skills, leadership, energy and strategic vision will be invaluable as we move into the next phase of our development.

“This important announcement is the latest in a series of appointments over the past six months which have greatly enhanced the strength of our UK Boards and UK Executive Committee.  David’s decision to join us is also a real vote of confidence in Clydesdale and Yorkshire Banks, our people and our future prospects in the UK market.”

NAB group chief executive, Andrew Thorburn, added: David’s leadership in the turnaround of AIB during a very challenging period for Irish banks is impressive.  For the past three years, he has led the bank’s strong and sustainable profit growth, created a dynamic leadership team and gained the confidence and support of key stakeholders from staff, customers and investors to regulators, ratings agencies and governments.

“As a result of these strong capabilities, David is uniquely qualified to meet the challenges and opportunities of this important role, particularly as we are examining the broader range of options we announced in October 2014 to accelerate NAB’s exit from the UK Banking business.”




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