Clydesdale chairman to step down

Sir Malcolm who has been chairman of the Clydesdale for eight years will stand down in July

The Clydesdale Bank has announced that its chairman, Sir Malcolm Williamson, is to retire later in the summer.

He will be replaced by Cameron Clyne, who is chief executive of Clydesdale's parent group, National Australia Bank.

The bank said that Sir Malcolm's retiral was part of an "on-going board renewal programme which has been underway for some time".

The bank recently announced 1,400 job cuts in its UK operations after a strategic review of the business.

Sir Malcolm has been chairman of the Clydesdale Bank for eight years.

David Thorburn, chief executive of Clydesdale and Yorkshire Banks, said: "For the past eight years, Sir Malcolm has successfully steered the UK board through a period of tremendous change and the global financial crisis in particular.

"His extensive experience in financial services in the UK and USA has been of enormous benefit to the bank and he is very well respected right across the banking sector.

"Given the board's on-going renewal program, and the new chapter we are beginning following the Strategic Review, we understand why this is the right time for Sir Malcolm to retire and focus on his many other commitments."