Funding provider forced to close UK offices

Funding provider forced to close UK offices



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Guernsey-based funder Clydesdale Bank International has closed its doors to any new business, announcing that it will not run down its existing portfolio of customers until 2014.

Guernsey-based funder Clydesdale Bank International has closed its doors to any new business, announcing that it will not run down its existing portfolio of customers until 2014.

19 jobs are set to be cut from the bank’s headquarters in the Channel Islands, though current customers are being told that there is to be no immediate impact and arrangements are already in place for those who wish to gain access to their funds, regardless of any existing product restrictions.

The banking group currently provides funding to bridging lender Masthaven, as well as previously providing capital for Cheval and Tiuta.

The news follows an announcement in November that Clydesdale was to withdraw from the commercial market as the firm was forced to restructure its balance sheet.

The retraction of lending came after National Australia Bank took control of Clydesdale’s commercial real estate portfolio when elements of toxic assets forced the firm to restructure its balance sheet.

At the time, B&C reported that the Chief Executive of Clydesdale Bank, David Thorburn, explained that the review would mean making ‘tough decisions’.

Speaking about Clydesdale International’s winding down, Andrew Pearce, Retail Director at Clydesdale, said: “We have been reviewing our strategy across the whole of Clydesdale Bank and are concentrating our efforts on what we do best in those areas we are strongest.

“Our focus now is to work with colleagues and customers to ensure that everybody understands this change and that we manage a smooth transition.”

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