He will be replaced by Cameron Clyne, who is chief executive of Clydesdale's parent group, National Australia Bank.

BBC: Clydesdale chairman to step down

NAB's chief executive Cameron Clyne described the UK business as "a problem asset".

BBC: Fire sale of Clydesdale ruled out

Because of an economic downturn in the UK described by NAB's chief executive Cameron Clyne as "longer and slower to recover than experienced in the 1930s following the Great Depression", the bank has decided to cut 1, 400 UK jobs, pull out of commercial property lending here and concentrate on retail and small business banking.

BBC: Clydesdale shrinks, blaming downturn