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85-693: Yorkshire Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in England . The Yorkshire Bank was founded in 1859 as the West Riding of Yorkshire Provident Society and Penny Savings Society but the Provident Society was soon abandoned and the Bank then traded as the West Riding of Yorkshire Penny Savings Bank . After further abbreviations, its present name

170-548: A Survey of production —an up-to-date compendium of detailed statistics necessary for regulating specific industries. In 1906, the Merchant Shipping Act upgraded the minimum working conditions, and the safety protections for both British sailors, and crews of foreign ships that used British ports. In 1907, the Patents and Design Act gave financial protection to British designs to stop unfair foreign copies. In

255-567: A cost saving move. The following month, CYBG announced the closure of a further 9 Clydesdale branches and 17 Yorkshire Bank branches. In June 2018, CYBG plc announced it would acquire Virgin Money for £1.7 billion in an all-stock deal. Almost one in six employees are expected to lose their jobs in the takeover, which will result in retail customers being migrated to the Virgin Money brand over three years. The acquisition of Virgin Money

340-558: A fall in the value of investments could threaten a run on the bank. In a rescue sponsored by the Bank of England , the Yorkshire Penny Bank was acquired by a consortium of eleven clearing banks. Additional capital of £11.5 million was injected into the Bank and further guarantees given to cover potential losses. The old Board was replaced and a new bank of the same name was formed. The eventual deficiency of £2.5 million

425-747: A government department with considerable power and a diverse range of functions, including regulation of domestic and foreign commerce, the development, implementation and interpretation of the Acts of Trade and Navigation , and the review and acceptance of legislation passed in the colonies. Between 1696 and 1782 the Board of Trade, in partnership with the various secretaries of state over that time, held responsibility for colonial affairs, particularly in British America . The newly created office of Home Secretary then held colonial responsibility until 1801, when

510-609: A larger consortium. Consequently it was purchased by Midland Bank , the largest bank in the world at this stage, in 1920. Much later the Clydesdale became part of the National Australia Bank Group (NAB), between 1987 and 2016. Clydesdale Bank was divested from National Australia Bank in early 2016, with its new holding company, CYBG plc , trading on the London and Sydney stock exchanges. In June 2018, it

595-452: A limited liability company in 1882. Reid described the period 1890–1914 as "the tranquil years", but that did not preclude steady expansion of the branch network – from 92 to 153. That was to mark the end of Clydesdale's independent existence. In 1917 the bank was approached by London City and Midland (later Midland Bank ) and, although initially resisted, Clydesdale Bank was sold in 1920. However, it continued to operate independently and

680-592: A new Committee of Council on Trade and Plantations (later known as 'the First Committee') was established by William Pitt the Younger . Initially mandated by an Order in Council on 5 March 1784, the committee was reconstructed and strengthened by a second order, on 23 August 1786, under which it operated for the rest of its existence. The committee has been known as the Board of Trade since 1786, but this name

765-529: A pamphlet to prominent figures in the county, leading to a public meeting in November at the Philosophical Hall, Leeds. A committee was formed to bring into being the West Riding of Yorkshire Provident Society and Penny Savings Society, with funds raised to finance both parts. In the event, the Provident Society proved uncompetitive with the large societies and it soon closed; the Bank then traded as

850-797: A period of time. National Australia Bank confirmed in October 2014 that it planned to leave the United Kingdom and was considering a number of options for Yorkshire and Clydesdale banks, including a possible stock-market listing. In October 2015 NAB announced that it would float Clydesdale Bank plc , including Yorkshire Bank, on the London Stock Exchange in February 2016 through an initial public offering, with an aim of raising £2 billion. Clydesdale Bank plc 's newly formed holding company CYBG plc began conditional trading on

935-576: A reputation as a conciliator. In Cabinet, he worked with Lloyd George to champion social reform . He promoted what he called a "network of State intervention and regulation" akin to that in Germany. Churchill's main achievements came in 1909. First was the Labour Exchanges Bill . It set up over 200 labour exchanges with William Beveridge in charge. The unemployed would come in and be assisted in finding employment. He also promoted

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1020-470: A savings bank acting as a receiving agency for a number of penny banks in its area. (The Glasgow Savings Bank , for instance, had 97 of these by 1870.) What Akroyd envisaged was the Yorkshire forming and owning the local penny banks, and also being the receiving agent for their surplus funds. He began a campaign "to form a great network of penny banks and provident societies in the West Riding, guaranteed by

1105-472: A separate body. The board carried on this work but also had long periods of inactivity, devolving into chaos after 1761 and dissolved in 1782 by an act of Parliament by the Rockingham Whigs . William Pitt the Younger re-established the committee in 1784, and an Order in Council of 23 August 1786 provided the formal basis that still remains in force. A secretariat was established which included

1190-535: A separate education committee for Wales. The bill passed the House of Commons greatly amended but was completely mangled by the House of Lords. No compromise was possible and the bill was abandoned, allowing the 1902 Act to continue in effect. Nonconformists were bitterly upset by the failure of the Liberal Party to reform the 1902 Education Act, its most important promise to them, and over time their support for

1275-523: A stocks and shares department to the Bank and, as a result of the Boer War , developed a network of international correspondents. By 1908, deposits had risen to £17 million. In 1911, the Bank's deposits of £18.5 million were supported by reserves of only £468,000. Although these deposits were repayable on demand, the funds were largely invested in fixed rate government securities, which, although liquid, fluctuated in value. The directors feared that

1360-449: A week, usually for an hour or two, and were generally known as "evening branches". By the end of 1860 the abortive Provident Society had been abandoned and it was decided to extend the Bank coverage from the West Riding to the whole county. The 1863 Savings Act caused problems: the Bank was prevented from using the word "savings" in its title without being registered under the Act. Registration

1445-481: A year earlier, while post-tax earnings climbed 12.8 per cent to £229 million. Total income was up 8.7 per cent at £1,193 million, while net interest income climbed 14.6 per cent to £769 million. In April 2012, National Australia Bank completed a strategic review of its businesses in the United Kingdom and decided to scale back operations, completely stopping Commercial Property Investment lending and closing 29 Financial Solutions Centres, with

1530-705: Is the UK's sixth largest bank and in October 2024 was acquired by Nationwide Building Society. As with two other banks of Scottish origin, namely the Bank of Scotland and the Royal Bank of Scotland , the Clydesdale Bank retains the right to issue its own banknotes. In March 1838, an advertisement appeared for a new joint stock banking company in Glasgow, the Clydesdale Banking Company. It

1615-576: The American War of Independence , both the board and the short-lived secretaryship were dismissed by the king on 2 May 1782 and the board was abolished later by the Civil List and Secret Service Money Act 1782 ( 22 Geo. 3 . c. 82). Following the Treaty of Paris 1783 , with the continuing need to regulate trade between its remaining colonies, the independent United States and all other countries,

1700-604: The American plantations and elsewhere. Staff appointed to serve the board in 1696 included a secretary, a deputy secretary, some clerks, office keepers, messengers, and a necessary woman; more staff such as a solicitor and a porter were added later. The Lords Commissioners of Trade and Foreign Plantations , commonly known as the Lords of Trade, did not constitute a committee of the Privy Council, but were, in fact, members of

1785-560: The English colonies , depending on the internal demographics and political and religious division of each. Between 1643 and 1648 the Long Parliament would establish a parliamentary Commission for Plantations to take the lead in colonial and commercial affairs. This period also saw the first regulation of royal tonnage and poundage and begin the modernization of customs and excise as growing sources of government revenue. During

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1870-546: The Interregnum and Commonwealth three acts of the Rump Parliament in 1650 and 1651 are notable in the historical development of England's commercial and colonial programs. These include the first Commission of Trade to be established by an Act of Parliament on 1 August 1650. The instructions to the named commissioners, headed by Henry Vane the Younger , included consideration of both domestic and foreign trade,

1955-618: The Mines Eight Hours Bill , which legally prohibited miners from working more than an eight-hour day . Sydney Buxton served as president between 1910 and 1914. His main role was passage of numerous specific trade and commerce laws. From 1973, international trade policy of the United Kingdom was a competence of the European Economic Community , and later of the European Union . The board

2040-519: The Secretary of State for War and the Colonies was established. Between 1768 and 1782 while with the Secretary of State for the Colonies , whose secretaryship was held jointly with the presidency of the Board of Trade, the latter position remained largely vacant; this led to a diminished status of the board and it became an adjunct to the new department and ministry concerns. Following the loss of

2125-469: The 1845–47 period, particularly to Australia, dogged the Bank for the next ten years and it was eventually taken over by the Clydesdale for a nil consideration; Clydesdale retained 19 of its 27 offices. Five years later, in 1863, Clydesdale acquired the more successful Eastern Bank of Scotland , like Clydesdale, also founded in 1838. Based in Dundee it was to have two separate offices and boards, one in Dundee,

2210-640: The Bank actively encouraged accounts that had grown too large to switch to commercial banks. With time came changes in the Bank's leadership. Ackroyd resigned as President in 1879, and in 1891 Peter Bent died aged 64. He had become the first general manager in 1877 and under his guidance, deposits had risen to £5.7 million. This compared with the Glasgow Savings Bank, then the largest is the country, which had deposits "in excess of £3 million" in 1878. Bent's son-in-law Henry Sellers took over and remained general manager until 1914. He introduced

2295-659: The Bank opened three Glasgow branches as well as its first country branches in Campbeltown and Falkirk ; a further seven had been opened by 1844. These were supplemented by the acquisition of the Greenock Union Bank; formed in 1840, it had four branches in the Glasgow hinterland. Following the purchase of the Greenock Union, there was little change in the structure of the Bank and there were still only 13 branches in 1857. In that year, Clydesdale became

2380-399: The Bank was still trying to combine the strengths of the local penny banks with the requirements of a modern commercial institution. There were still 677 evening branches; these were deemed out of date and by 1955 only 79 remained. Instead, Ashworth wanted to increase lending to customers; and in 1959 the word "Penny", widely thought to be off-putting to large customers, was finally dropped from

2465-515: The Bank's title, leaving just the simple Yorkshire Bank Ltd. Despite Ashworth's intentions, the bank's funds were still largely invested in British Government securities ("gilts"); only 4 per cent of assets were in overdrafts. As in 1911, falling gilt values again threatened a substantial deficit, and by 1952 another increase in capital was required. Midland Bank held 37.5% of the shares and did not wish to continue, selling its holding to

2550-624: The Board of Trade was transferred to the Secretary of State for International Trade . The board was reconstituted in October 2017. In 1622, at the end of the Dutch Twelve Years' Truce , King James I directed the Privy Council of England to establish a temporary committee to investigate the causes of various economic and supply problems, the decline in trade and consequent financial difficulties; detailed instructions and questions were given, with answers to be given "as fast as

2635-502: The Clydesdale Bank had mis-sold unregulated tailored business loans and that the bank's own internal review of the mis-selling had serious shortcomings and lacked transparency. In April 2015 the Clydesdale was fined £20.7 million the largest of its type imposed by the Financial Conduct Authority for the mis-selling of PPI insurance. National Australia Bank confirmed in October 2014 that it planned to exit

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2720-606: The Clydesdale brand is the one that has been used in further expansion into the south of England ( Northern Bank was sold to Danske Bank of Denmark along with its operations in the Republic of Ireland, the National Irish Bank ). At the same time 40 branches were closed, a reduction of a fifth of the Yorkshire Bank network. In 2006 underlying profit rose 16.7 per cent to £454 million compared with

2805-623: The LSE and the Australian Securities Exchange on 3 February 2016, and began trading unconditionally from 8 February 2016. In June 2018 CYBG plc announced it would acquire Virgin Money for £1.7 billion in an all-stock deal. Almost one in six employees were expected to lose their jobs in the takeover, which would result in retail customers being migrated to the Virgin Money brand over three years. In June 2019 CYBG plc announced its plans to consolidate its businesses under

2890-480: The LSE and the Australian Securities Exchange on 3 February, and began trading unconditionally from 8 February. The flotation share price of 180p meant that the National Australia Bank made an estimated loss of £2 billion on the sale and had to make provisions of around £1.7 billion to cover claims for mis-selling of products. In March 2016 CYBG announced the closure of 28 branches as

2975-579: The Liberal Party slowly fell away. According to Martin Roberts, Lloyd George headed a department of 750 experts that was responsible for supervising British industry, commerce and transportation. Using their pool of expertise, he initiated a series of reforms that were quickly endorsed by the Liberal Parliament. One of the first actions was the Census of Production Act 1906 , which generated

3060-464: The North of Scotland 161, covering 221 towns between them. Of the eight Scottish banks, Clydesdale had been the third-largest by deposits, the North being the smallest. The merged bank became Scotland's largest in terms of deposits, advances and branches. However, by 1969, mergers elsewhere had reduced the number of Scottish banks to three with Clydesdale now being the smallest. Midland needed to rationalise

3145-520: The North of Scotland Bank in 1923 but the Aberdeen management had fiercely resisted any attempt to merge with Clydesdale. However, the changed competitive market after the Second World War meant that the two banks could not remain separate and in 1950 they were amalgamated to become the Clydesdale and North of Scotland Bank (soon shortened to Clydesdale Bank). Clydesdale had 189 branches and

3230-499: The UK and its empire . During the second half of the 19th century it also dealt with legislation for patents, designs and trademarks, company regulation, labour and factories, merchant shipping, agriculture, transport, power etc. Colonial matters passed to the Colonial Office and other functions were devolved to newly created departments, a process that continued for much of the 20th century. The original commission comprised

3315-421: The UK, and was considering a number of options for Yorkshire and Clydesdale Banks, including a possible stock market listing. In October 2015, NAB confirmed it would float Clydesdale Bank and Yorkshire Bank on the London Stock Exchange (LSE) in February 2016 through an initial public offering, with an aim of raising £2 billion. The bank's newly formed holding company CYBG plc began conditional trading on

3400-438: The Virgin Money brand. B and Yorkshire Bank, which exist as trading divisions of Clydesdale Bank plc, would begin to use the Virgin Money name in early 2020 and Clydesdale Bank to use the new name between late 2020 and early 2021. In September 2019 Yorkshire Bank confirmed it would be leaving its Leeds headquarters, with two hundred employees being relocated to the bank's flagship branch on Briggate. In preparation for rebranding,

3485-421: The West Riding of Yorkshire Penny Savings Bank. The Yorkshire Bank was different from other savings banks. At the bottom of the savings chain stood the penny banks, doing what their name implied: accepting very small sums from the poorest local people. As their funds increased, they would be deposited with the trustee savings banks. The relationship between the penny banks and the savings banks could be close, with

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3570-660: The Yorkshire Penny Bank. In 1865, pressure of business in the Leeds branches had encouraged the Central Office to open a branch on its premises; unlike all the other branches, this opened daily. It was immediately successful: after one year, deposits were £2,000 and by 1870 they had risen to £25,000. Once the Bank had been registered, it used the Central Office branch as a model for the future branch structure. Gradually, additional daily branches were opened, starting with Bradford (1872), Halifax (1876) and Sheffield (1878). At

3655-636: The acquisition of the Edinburgh and Glasgow Bank , which had been weakened by the same economic disturbances. The Edinburgh & Leith Bank, as it was originally, had been formed in 1838 "for the benefit of the 'industrious middle classes'" and it had bought the Dumfries -based Southern Bank of Scotland in 1842 and the Glasgow Joint Stock Bank in 1844, the latter leading to the change of name to Edinburgh & Glasgow Bank. Poor lending in

3740-403: The bank's name changed to Yorkshire Bank Limited . During the 1970s the bank became one of the first to offer fee free banking whilst in credit, a move that took bigger rivals a decade to follow. In 1982, it adopted public limited company status. During the miners' strike from 1984 to 1985, the bank offered miners who were mortgage holders a deferment, allowing them to postpone payments for

3825-724: The duration of the dispute. The strike took place in the bank's heartland and many miners were customers, having been encouraged by the National Coal Board to have their pay mandated to a bank account. In 1990, the National Australia Bank Group acquired the bank from the consortium of owning banks which, after mergers and acquisitions, were the National Westminster Bank (holders of 40%), Barclays Bank (32%), Lloyds Bank (20%), and Royal Bank of Scotland (8%). The price paid

3910-446: The enlarged Clydesdale but faced resistance. Midland also needed additional capital and its solution to both challenges was to sell Clydesdale (along with Midland's Irish subsidiaries) to National Australia Bank in 1987. In 1989 National Australia Bank bought the Clydesdale bank for £420 million. Fred Goodwin , an accountant working for Touche Ross, worked on the acquisition. In 1995 Goodwin, with little direct banking experience,

3995-682: The existing Virgin Money plc was merged into the existing Clydesdale Bank plc on 21 October 2019. Clydesdale Bank plc Clydesdale Bank plc is a retail and commercial bank based in Scotland and now owned by Virgin Money UK . It was formed in Glasgow , Scotland, in 1838 and since 2019 mainly trades as Virgin Money . With its international growth in commercial and industrial clients, including Sir Robert McAlpine & Sons, and their extensive credit requirements it sought investment by

4080-491: The existing Clydesdale Bank plc on 21 October 2019. Clydesdale Bank plc was acquired by Nationwide Building Society on 1 October 2024 with the Virgin Money brand expected to be phased out over the next four years. Board of Trade The board was first established as a temporary committee of England's Privy Council to advise on colonial ( plantation ) questions in the early 17th century, when these settlements were initially forming. The board would evolve gradually into

4165-408: The family woollen firm of James Akroyd & Son, magistrate and Member of Parliament . His philanthropic work led him to the importance of savings for the working class, much as the founders of the savings banks and early penny banks had done decades before. His original intention was to establish both a provident society and a penny bank within the same institution. In May 1856, Akroyd circulated

4250-595: The first Scottish bank to produce a printed balance sheet, and it showed assets of £2.7 million and net profits of £70,000. The public disclosure of its strength stood it in good stead, for only months later the Western Bank of Scotland closed its doors, followed the next day by the first closure of the City of Glasgow Bank . Clydesdale gained not only customers but 13 branches from the Western. A few months later came

4335-536: The first definitive expression of England's commercial policy. They represent the first attempt to establish a legitimate control of commercial and colonial affairs, and the instructions indicate the beginnings of a policy which had the prosperity and wealth of England exclusively at heart. It was the Lords of Trade who, in 1675, originated the idea of transforming all of the colonies in America into Royal Colonies for

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4420-410: The formation of the bank was James Lumsden , a stationer by business, a councillor, police commissioner and, later, Lord Provost of Glasgow . Another member of the founding committee, Henry Brock, became the Bank's first manager. Brock came of a merchant family, was an accountant and one of the founders of the Glasgow Savings Bank. Despite the declaration in the advertisement, in the year after formation

4505-466: The idea of an unemployment insurance scheme, which would be part-funded by the state. Secondly he introduced the Trade Boards Bill , creating trade boards which investigated the sweated trades and enabled the prosecution of exploitative employers. Passing with a large majority, it established the principle of a minimum wage and the right of workers to have meal breaks. Churchill introduced

4590-479: The last Scottish banks to acquire a London office (1877). In 1878, the City of Glasgow Bank failed for the second time, leading again to an increase in Clydesdale's deposits and the acquisition of nine of the Glasgow branches. The scale of the collapse led to further debate on the desirability of limited liability and, following legislation in 1879 (allowing fixed uncalled liability on shares), Clydesdale Bank registered as

4675-408: The late 1920s and early 1930s a few new branches were opened, and by 1939 deposits had grown to £39 million. However, it proved difficult to open new branches because of complaints from its shareholders that the Yorkshire was competing with their existing business. Helped by inflation, the Bank's deposits rose to £95 million in 1948, the year that Henry Ashworth became general manager. However,

4760-488: The local gentry and industrialists". Akroyd saw the advantage of a central co-ordinating body for penny banks in a wide district; this could have been found in the Trustee Savings Banks, but Akroyd distrusted them. He wanted freedom of investment of the funds, and recognised that they could not grow just from the savings of the poor: the Bank needed small traders also. Considerable time was taken to establish

4845-475: The long term, his most important innovation was creating the Port of London Authority in 1908. It merged numerous inefficient and overlapping private companies and gave unified supervision to Britain's most important port. That enabled London to compete more effectively with Hamburg and Rotterdam. Lloyd George also turned his attention to strikes and industrial disputes in shipyards. He was instrumental in settling

4930-517: The management remained cautious regarding direct branch expansion. However, in 1865, a committee was formed to look at prospects and 16 branches were opened in two years. In 1874 the Clydesdale went south of the border and opened three branches in Cumberland but this was seen as following existing trade rather than making a specific attempt to enter the English market. Indeed, Clydesdale was one of

5015-401: The new Liberal Cabinet of Sir Henry Campbell-Bannerman as President of the Board of Trade . The first priority on taking office was the repeal of the 1902 Education Act. Lloyd George took the lead along with Augustine Birrell , President of the Board of Education. Lloyd George was the dominant figure on the committee drawing up the bill in its later stages and insisted that the bill create

5100-587: The organisation. A key appointment in 1858 was of Peter Bent as accountant, later to become the Bank's first general manager. Finally, in May 1859 the Central Office was ready and the Bank registered under the Friendly Society Acts . In the first month of its existence, two branches opened: Dewsbury and Oxenhope ; by the end of the year there were 24 branches, and a year later there were 128, with total deposits of £23.000. These branches opened one evening

5185-413: The other Edinburgh. Before opening for business it acquired the Dundee Commercial Bank to serve as its Dundee office. Difficulties with the two boards working together led to the Edinburgh bank being wound up and the Eastern became an essentially Dundee bank; its acquisition gave Clydesdale its first interests north of the River Tay . Much of the growth in the Bank's network had come from acquisitions and

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5270-426: The other members of the consortium, now down to seven. The clearing bank mergers of 1968 further reduced the number of shareholders down to four: National Westminster , Barclays , Lloyds Bank and Williams & Glyn . The shift in the asset structure continued and by 1970 overdrafts had reached £100, rising to £337 million in 1979, or 54% of assets, a far cry from the 4% of 1952. In its centenary year of 1959,

5355-412: The president, vice president and board members. By 1793, the board still remained in its old structure, with 20 members including the Archbishop of Canterbury . After 1820 the board ceased to meet regularly and the business was carried out entirely by the secretariat. The short name of "Board of Trade" was formalised in 1861. In the 19th century the board had an advisory function on economic activity in

5440-493: The purpose of securing English trade against the French. They brought New Hampshire under the Crown, modified Penn's charter, refused a charter to the Plymouth colony, and taking advantage of the concessions of the charters of Massachusetts and New York, created the Dominion of New England in 1685, thereby transforming all the territory from the Kennebec to the Delaware into a single crown colony. In 1696, King William III appointed eight paid commissioners to promote trade in

5525-409: The resultant loss of 1,400 jobs over three years. In July 2013, Yorkshire Bank forgot to renew its domain name , leading to customers being unable to log onto its website for a number of days. Yorkshire Bank blamed individual ISPs saying they had not refreshed their servers. On 2 September 2014 the bank suffered more IT related issues as its systems left customers unable to make or receive payments for

5610-427: The same time, new evening branches continued to be opened and these peaked at 955 in 1894; by then, there were 16 full branches and these more than doubled to 36 by 1900. Also from 1872, cheque books were introduced to encourage small traders to become customers and "to dispel the common view that the Bank existed only for the small savings of children and the poorer classes". Despite that encouragement to small traders,

5695-476: The serious threat of a national railway strike in 1907. While almost all the rail companies refused to recognise the unions, he persuaded them to recognise elected representatives of the workers who sat with the company representatives on conciliation boards—one for each company. If those boards failed to agree then an arbitrator would be called upon. H. H. Asquith succeeded the terminally ill prime minister on 8 April 1908 and, four days later, Winston Churchill

5780-442: The seven (later eight) Great Officers of State , who were not required to attend meetings, and the eight paid members, who were required to attend. The board, so constituted, had little real power, and matters related to trade and the colonies were usually within the jurisdiction of the secretaries of state and the Privy Council, with the board confining itself mainly to colonial administration. In 1905, David Lloyd George entered

5865-426: The several points shall be duly considered by you." This would be followed by a number of temporary committees and councils to regulate the colonies and their commerce. The board's formal title remains "The Lords of the Committee of the Privy Council appointed for the consideration of all matters relating to Trade and Foreign Plantations". In 1634, Charles I appointed a new commission for regulating plantations. It

5950-401: The trading companies, manufactures, free ports, customs, excise, statistics, coinage and exchange, and fisheries, as well as the plantations and the best means of promoting their welfare and rendering them useful to England. The act's statesmanlike and comprehensive instructions, along with an October act prohibiting trade with pro-royalist colonies and the Navigation Act of October 1651, formed

6035-426: Was adopted in 1959. The Bank's model was unique in that it directly owned an extensive network of penny banks, remitting funds into a Central Office. By the late nineteenth century, it was larger than any of the Trustee Savings Banks. However, the Bank faced a potential withdrawal of savings in 1911 and was acquired by a consortium of clearing banks. The Bank was acquired by National Australia Bank (NAB) in 1990 and

6120-422: Was always referred to as an affiliate, not a subsidiary. The Glasgow banks suffered more than others in the depressed economy of the inter-war period and from being the largest lender in Scotland in 1920, it fell to fifth place by 1939. Despite this, the Bank continued to open branches, particularly in areas enjoying export growth, and the network increased from 158 in 1919 to 205 in 1939. Midland had also acquired

6205-439: Was announced that CYBG would acquire Virgin Money for £1.7 billion in an all-stock deal, and that the Clydesdale and Yorkshire Bank public brands would be phased out in favour of retaining Virgin's brand, including the renaming of CYBG plc to Virgin Money UK plc. For the time being the marketing name 'Virgin Money' is used by all the operating divisions of the bank, whose headquarters are at 177 Bothwell Street, Glasgow . It

6290-527: Was appointed President of the Board of Trade, succeeding Lloyd George who became Chancellor of the Exchequer . He continued the reform impulse Lloyd George had launched. One of Churchill's first tasks was to arbitrate in an industrial dispute among ship-workers and employers on the River Tyne . He afterwards established a Standing Court of Arbitration to deal with future industrial disputes, establishing

6375-420: Was appointed deputy CEO of the Clydesdale until 1997. During this period Goodwin earned the nickname "Fred the shred" for his aggressive manner in dealing with staff. In September 2013 the bank was fined £8.9 million after miscalculating the mortgage repayments of more than 42,000 customers. In March 2015 the House of Commons Treasury Select Committee said in a conduct report that they had evidence that

6460-400: Was completed on 15 October 2018. In June 2019, CYBG plc announced its plans to consolidate its businesses under the Virgin Money brand. Clydesdale Bank, Yorkshire Bank and B, which exist as trading divisions of Clydesdale Bank plc will begin to use the Virgin Money name in late 2019 with full use planned by early 2021. In preparation for rebranding, the existing Virgin Money plc was merged into

6545-455: Was greater than the bank's shareholders' guarantees, and further Government guarantees were obtained. Despite the Bank's philanthropic origins, the new shareholders required it to be profitable. The operational limits of 10 miles over the border were removed and, in another change, overdrafts were allowed. However, the inter-war years were "not distinguished by any great progress": between 1920 and 1932 deposits stood at around £29 million. In

6630-724: Was headed by the Archbishop of Canterbury with its primary goals to increase royal authority and the influence of the Church of England in the colonies, particularly with the great influx of Puritans to the New World. Soon after, the English Civil Wars erupted and initiated a long period of political instability in England and the resultant loss of productivity for these committees. The war would spread to varying degrees to

6715-443: Was merged into another NAB subsidiary, Clydesdale Bank in 2005, continuing to operate as a distinct trading division. In 2016 NAB divested its UK operations as CYBG plc which went on to acquire Virgin Money plc in 2018. Subsequently the Yorkshire Bank name was phased out with all branches rebranded as Virgin Money. Colonel Edward Akroyd is regarded as the initiator of the Bank; he was a prominent Halifax industrialist, head of

6800-529: Was merged with the Ministry of Technology in 1970, to form the Department of Trade and Industry . The Secretary of State for Trade and Industry (from 2009 Secretary of State for Business, Innovation and Skills ) was also President of the Board of Trade. The full board has met only once since the mid-20th century, during commemorations of the bicentenary of the board in 1986. In 2016, the role of President of

6885-477: Was not acceptable to the trustees, who did not want the restrictions it brought: e.g. on the maximum amount an individual investor could deposit (on the face of it, a strange objection from a penny bank). The Bank therefore opted for registration with the Board of Trade , but still had to drop the word "savings" from its name. By 1871, the Bank finally obtained its certificate of registration and duly changed its name to

6970-582: Was only officially adopted by an act of 1861. The new board's first functions were consultative like earlier iterations, and its concern with plantations, in matters such as the approval of colonial laws, more successfully accomplished. As the Industrial Revolution expanded, the board's work became increasingly executive and domestic. From the 1840s, a succession of acts of parliament gave it regulatory duties, notably concerning railways, merchant shipping and joint-stock companies. This department

7055-562: Was reconstituted in October 2017, after the UK had voted to leave the European Union in June 2016. In its most recent iteration in 2017, only privy counsellors can be actual members of the board, while others are appointed as advisers. There is only one standing member in the Board, who is its President. The Board is held accountable to Parliament through ministers attached to the Board, who are not necessarily members. Advisers to

7140-428: Was to be "chiefly a local bank – having few branches – but correspondents everywhere" though it was conceded that a branch in Edinburgh would be necessary. The Bank duly opened for business in both cities in May 1838. Checkland described the Bank as the creation of "a group of Glasgow businessmen of middling order, liberal radicals…who were active in the government and charities of the city." The driving figure behind

7225-498: Was £1 billion and the bank joined National Australia Bank's other European businesses, Clydesdale Bank (Scotland) and Northern Bank (which operated in both jurisdictions in Ireland). In May 2005, the National Australia Bank announced its intention to merge the Yorkshire Bank with the Clydesdale under one operating licence, in which the former would be a trading name of the latter. Both operate under separate identities although

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