Duffy to lead Clydesdale through IPO
David Duffy will join Clydesdale Bank as chief executive on 5 June after his appointment received regulatory approval. He will be plunged immediately into parent group National Australia Bank’s plans to float Clydesdale and Yorkshire on the stock market.
Mr Duffy, 53, will also join the boards of Clydesdale Bank and National Australia Group Europe as an executive director.
He joins from Allied Irish Banks (AIB) where he has been chief executive since December 2011. Until recently, he was president of the Banking and Payments Federation of Ireland and a director of the European Banking Federation.
He said: “I’m delighted to be joining Clydesdale and Yorkshire Banks at what is a pivotal point in the banks’ story. With our parent company having announced that it intends to pursue a demerger and IPO of our business by the end of this calendar year, I’m looking forward to leading the banks through this exciting new phase in their development.
“I passionately believe in our strong future prospects as a standalone bank in the UK market and in the journey under way to build a better bank for customers. My key focus will be to further build on the strength of the business and ensure Clydesdale and Yorkshire Banks provide a very real challenge to the big UK banks as a distinctive customer champion.”
Clydesdale Bank board chairman, Jim Pettigrew, added: “We’re delighted to welcome David Duffy as CEO of Clydesdale Bank. A passionate customer champion, David’s decision to join us is a true vote of confidence in Clydesdale and Yorkshire Banks, our people and our future opportunities as a strong stand-alone bank in the UK market.”
His appointment was announced on 19 January. Born in London on 30 September 1961, he holds two degrees from the University of Dublin’s Trinity College – Master of the Arts (MA) and Bachelor of Business Studies (BBS Hons). He began his career with Craig Gardner in Dublin in 1984 and joined Goldman Sachs in 1987 as the chief of staff to the head of the technology division.
He progressed through a number of senior positions which included line management responsibility for its services and human resources divisions for Europe. In February 1998 he joined ING Barings as its global head of human resources.
In November 1998 he was appointed to the role of global chief operating officer and was appointed to the global executive committee in 1999. In June 2000, he was appointed president and chief executive of the ING wholesale franchises in the United States and Latin America.
In September 2004, Mr Duffy was appointed head of global wholesale banking network within ING Group. He joined Standard Bank as its chief executive in 2006 and, the following year, was appointed chief executive of Standard Bank International.
He was responsible for corporate and investment banking activities in addition to overseas retail business units. The role covered Asia, Latin America, the UK and Europe. He relocated to Singapore in 2010 where he was also head of strategic projects for Standard Bank.