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16 July 2018

MSP Seeks Assurances on Clydesdale Bank Tie-Up with Virgin Money

Banffshire & Buchan Coast MSP Stewart Stevenson has sought assurances from the Clydesdale Bank following the announcement that it is to link-up with Virgin Money.

The announcement by the bank signalled the end of the iconic Clydesdale Bank branch as it will be dropped in favour of the Virgin Money brand, and also lead to a projected 1500 job losses as well as ‘efficiencies’ in the branch network.

Mr Stevenson has written to Clydesdale Bank Chief Executive David Duffy seeking assurances on branches, jobs and the continuation of the bank’s note issue.

Commenting, Mr Stevenson said:

“The North-east in particular has been badly affected in recent times with the closure of bank branches across all three major banks, not least the Royal Bank, which is majority-owned by the UK Government on behalf of the taxpayer. My constituency has gone from 12 Clydesdale Bank branches down to only one remaining.

“On the subject of job losses, the loss of high-quality jobs in the banking sector from rural areas has diminished the ability of rural areas to retain its young people and attract professionals into the community.

“I have asked the bank for assurances on these points and also about the continuation of the bank’s future note issue, which is an important part of day-to-day life.”

Stewart Stevenson
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