Succession of Chief Financial Officer

23/02/2011

23 February 2011, London: Clydesdale and Yorkshire Banks have formally announced the appointment of Scott Butterworth as Chief Financial Officer ahead of the retirement of current CFO, Iain Smith, at the end of February.

Scott joined the UK business on 1 February from the National Australia Bank parent Group where he was Chief Financial Officer for NAB's Business Services division in Melbourne.

He started with NAB in 2004, initially on long-term assignment from Boston Consulting Group where he was a Partner and led its Australia and New Zealand Financial Services Practice.

In his career with NAB, Scott has held a broad range of senior roles. These include General Manger of the Group Performance Improvement Unit, Global Programme Director for implementing Basel II and Chief of Staff to the Group CFO.

Scott subsequently became General Manager of Strategy and Capital for NAB's Australia region. This role included developing strategies for the regional business portfolio, strengthening controls in the Treasury finance area, improving ROE and improving the funding profile and capital efficiency of NAB's AU$250bn regional balance sheet.

As Scott's new appointment is to a regulatory Approved Person position, standard consents are currently being sought from the Financial Services Authority.

While retiring CFO Iain Smith announced his intention to leave the business last October, he has been working closely with Scott to ensure a smooth handover.

Iain joined the NAB Group in October 2003. He was initially Head of Risk, responsible for developing, implementing and maintaining the Group's regulatory compliance operations in Europe. Iain was also Head of Risk for Wealth Management Europe before being seconded as General Manager of Risk to NAB's MLC wealth management operations in Sydney. He subsequently returned to the position of CFO for the UK business in 2004.

After qualifying with Deloittes, Iain spent over 28 years in a variety of senior banking roles with The Woolwich and then Barclays. As well as holding a number of key Finance and Risk roles with The Woolwich, he also gained a broad range of direct banking experience including managing arrears & recoveries, retail products, business development and integration. Iain also served on a number of The Woolwich's Boards including estate agency, lending and unit trusts and was also a member of the Group Executive Committee.

Lynne Peacock, Chief Executive, said:

"We are very fortunate to have such a strong pool of talent within our business and Iain has been working closely with Scott to ensure that there is a smooth baton change. Scott's broad experience and understanding of our UK business will serve him well in his new role.

"Iain has had a long and successful career in banking. He has been a highly respected and valued colleague, not just in his seven years with this business, but also over the 25 years that I have known and worked with him. I would like to offer him our sincere thanks for his significant achievements over that period which has helped transform our UK operations into the sound and resilient banks they are today."