Sir Malcolm Williamson to retire later this year after eight years as Clydesdale Bank chairman
Clydesdale Bank chairman Sir Malcolm Williamson has announced he is to retire from the role later this year.
Sir Malcolm's retirement is part of an “ongoing board renewal programme which has been underway for some time”, the bank said.
He will be replaced by Cameron Clyne, chief executive of parent company National Australia Bank.
Sir Malcolm has been chairman of Clydesdale Bank for the past 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."
National Australia Bank (NAB) recently announced plans to cut 1,400 jobs across its UK operations, including Yorkshire Bank.
This was part of a wider strategic review of its UK businesses announced in February with a view to selling or restructuring both the Clydesdale and Yorkshire banks.
NAB said higher wholesale funding costs, subdued credit demand and a weakening commercial property market prompted the review.
NAB also withdrew UK commercial property lending in January as bad loan impairments, largely on commercial property, continue to impact on the parent company's profits.
The Australian parent company posted first-half interim results last Friday which showed losses from Clydesdale Bank were far worse than previously stated.
In the six months to the end of March 2012, Clydesdale Bank made a loss of £186 million compared with a loss of £43 million for the same six-month period a year ago.
Bad debt charges from Clydesdale Bank for the first half rose to £416 million against £150 million a year earlier.
NAB said in an interim statement released on Friday most of the additional losses had come from money set aside to cover mis-selling of payment protection insurance.
The Australian parent company has also announced plans to hive off £6 billion of UK commercial property loans to be managed by the NAB Group.
This move will see the total planned job cuts reduce from 1400 to 1200 as around 200 staff will transfer to NAB Group to manage the UK impaired property loan portfolio.
NAB accounts show group loans to Clydesdale Bank have now risen to £8.6 billion from £3.9 billion last year.