The Clydesdale Bank yesterday completed its demerger and became independent of its former owner the National Australia Bank (NAB).
The Glasgow- based institution carried out its £1.6 billion flotation after being hit by last-minute delay last week.
The majority of the demerged bank will be owned by NAB, but 25% of the stock is being sold to new investors.
It is listed on the London Stock Exchange and the Australian Securities Exchange, with unconditional trading of CYBG (the company) commencing at 8am yesterday.
David Duff, Clydesdale\'s chief executive officer, said: \"CYBG has become a fully independent banking group for the first time since 1920.
\"It is a privilege for me to be leading the business at this pivotal moment in its 177-year history.
\"We are the only UK banking group to have a dual listing London and Australia. We have an enviably strong and supportive shareholder register which includes blue-chip institutions and individual investors across Australia, the US and here in the UK.
\"With the demerger and IPO successfully completed, I am confident that CYBG starts life as a listed company in great shape.
\"Our large and loyal customer base and highly experienced team provide a strong platform from which to grow.
\"We will present a very real challenge to our competitors here in the UK.
\"Now everyone at CYBG- our board, the leadership team and everyone of our employees- will be focusing sharply on creating an even better bank for our customers and our new shareholders.\"
Jim Pettigrew, Clydesdale\'s chairman who is originally from Dundee, said:
\"Beginning life today as a newly independent listed company for the first time in almost a century and with a new shareholder base that truly does span the globe, we are uniquely positioned as the largest of all the UK challenger banks.
\"With a clear customer-focused strategy being driven by one of the best management teams in banking, I am confident that CYBG has a strong and exciting future ahead.\"
Clydesdale Bank PLC
With roots back to its establishment in Glasgow in 1838, Clydesdale Bank has a proud history of innovation and support for Scottish industry and communities.
