Member Article

Yorkshire Bank parent NAB announces contingency plans for Scottish independence

Owners of Yorkshire and Clydesdale banks, National Australia Bank have confirmed a contingency plan for its subsidiaries.

The plans include seeking registration as an English company for Clydesdale in the event of a ‘Yes’ vote in the forthcoming Scottish independence referendum.

Re-registration would address some of the uncertainties and risks surrounding terms of separation if Scotland were to become an independent country.

NAB Group CEO Andrew Thorburn said that in the event of an affirmative vote registration of Clydesdale Bank in England would provide greater clarity going forward.

Andrew said: “This contingency plan gives our Clydesdale and Yorkshire Bank customers increased certainty about the ongoing success and stability of the bank.”

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.

This was posted in Bdaily's Members' News section by Clare Burnett .