The owner of Clydesdale Bank hires heavyweight business as the new finance chief

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Virgin Money, owner of CLYDESDALE Bank, has employed an industry heavyweight as its new chief financial officer (CFO).

Clifford Abrahams will join next year’s party in March. Since 2017, he has been the Chief Financial Officer for the Dutch banking group ABN Amro.

Abrahams previously held senior roles at companies including Aviva insurance group and Morgan Stanley investment bank.

Under fire, the owner of Clydesdale Bank aims to close branches across Scotland as 100 job losses loom.

David Duffy, chief executive of Virgin Money, said that Mr Abrahams has an established track record as CFO of listed financial services firms and will be a great addition to the leadership team of the company.

He added: “Clifford’s deep experience and knowledge of financial services will be of great benefit as we navigate through an uncertain economic environment and ultimately achieve our goal of changing the status quo in UK banking.”

Mr. Abrahams said that Virgin Money has a strong base and is an exciting business.

Virgin Money said the compensation for Mr. Abrahams would be calculated in accordance with the published pay policy of the company.

Mr. Abrahams would replace Enda Johnson, who became Virgin Money’s interim CFO in October after Ian Smith left the business to join Nordea of Denmark.

When it merged with Virgin Money in 2018, Mr. Smith was a member of the management team at Clydesdale and the Yorkshire Bank Group.

In the Virgin Money brand, the expanded party saw the greatest opportunity.

Proven removal of Clydesdale Bank name.

The remaining branches of Clydesdale and Yorkshire Bank are scheduled to be rebranded as branches of Virgin Money early next year.

Virgin Money announced plans in October to slash up to 200 workers at its headquarters in Glasgow.

In April, Robert Swaak became ABN Amro’s chief executive.

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