YORKSHIRE and Clydesdale banks today announced that David Duffy will join as chief executive on Friday, June 5.
Mr Duffy led the turnaround of Allied Irish Banks and will be responsible for the demerger and flotation of Yorkshire and Clydesdale after owner National Australia Bank announced plans to exit the UK banking market.
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 underway 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.”
Mr Duffy has almost 30 years of experience in international banking, including nearly a decade at Goldman Sachs.
In his three years at AIB, Mr Duffy restored the loss-making nationalised lender to profit and steered it through European stress tests.
Mr Duffy earned 425,000 euros last year, a salary capped by the Irish government following its 20bn euro bailout of AIB in 2010. Yorkshire and Clydesdale has said his salary will be disclosed in accounts at the end of this year.
His appointment, announced in January, has received regulatory approval.
Jim Pettigrew, chairman of Clydesdale Bank plc, said: “We’re delighted to welcome David Duffy as CEO. 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.”
Under the exit plans, between 70 and 80 per cent of the banks’ shares will transfer to existing NAB shareholders and the remaining 20 to 30 per cent will be offered to institutional investors.
Mr Duffy has also been invited to join the boards of Clydesdale Bank PLC and National Australia Group Europe Limited as an executive director.
Until recently, he was President of the Banking and Payments Federation of Ireland and a Director of the European Banking Federation.