RGL reveals new data about damaging Clydesdale loans following Banking Competition Remedies announcement

Clydesdale Bank window

Today, RGL Management (“RGL”) issued a statement in response to the announcement by Banking Competition Remedies Ltd. (BCR) that Clydesdale Bank (“CYBG”) will be one of eleven challenger banks granted a share of the £275m Incentivised Switching Scheme (ISS) which forms part of the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package.

RGL, joined by All Square Finance Limited (“allSquare”), has also today released new data revealing the sectors most affected by the Tailored Business Loans (“TBLs”) sold by Clydesdale Bank and parent company, National Australia Bank (“NAB”), between 2001 and 2012.

Data drawn from hundreds of claimants who sit behind RGL’s pending action indicates that certain business sectors were disproportionately affected by the sale of TBLs. The sectors accounting for the highest number of claims include: property investment (45.3%), hotel catering (12.6%), farming (8.9%) and construction (7.9%).

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