Aberdeen University graduate Jim Pettigrew has been named as the new chairman of Clydesdale Bank as the firm’s Australian owner considers its options for its UK operations.
Mr Pettigrew, who is also a non-executive director of Aberdeen Asset Management, replaces National Australia Bank’s (NAB’s) former chief executive Cameron Clyne. Mr Clyne retired from the Australian bank giant, which owns Clydesdale and Yorkshire banks, earlier this year. In Australia, Mr Clyne has been replaced by Andrew Thorburn as chief executive as of August 1.
It is thought NAB is considering a number of options for it’s UK business. Last month the bank sold £625million of failed UK property loans to an investor, raising hopes the UK banking market was in recovery. The Australian parent, which was hit by the UK banking crisis through it’s ownership of Clydesdale and Yorkshire, could sell or float the business on the stock exchange.
Mr Pettigrew, who was previously chief executive of spread betting firm CMC Markets, took a dual role as chair of the board of Clydesdale Bank as well as National Australia Group Europe. He has been a non-executive director of both boards since 2012.
David Thorburn, Chief Executive of Clydesdale Bank, said: “We’re delighted Jim has agreed to chair the boards. He’s made a significant contribution to the boards over the past two years during what has been a period of major transformation for the business.
“Jim’s considerable business knowledge and experience will continue to be invaluable to the boards as we build on our strategy to become a stronger and more competitive business.”