The chief executive of Clydesdale Bank has reaffirmed its flotation remains on track and he has already held talks with more than 20 key investors.

David Duffy said meetings with fund managers and venture capitalists had taken place in Edinburgh, London and New York in recent weeks.

Mr Duffy shrugged off speculation some fund managers had felt the potential price of shares in the bank was too high and insisted investors had reacted positively to the flotation plans.

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In an interview he said: “We are confident. If I look at the flotation of this bank it is in a better position than the majority of others I have seen in the market.”

Mr Duffy, who came to Clydesdale earlier this summer from Allied Irish Banks, said he had met many of the investors in his previous role.

He said: “I know all these people and they know my record of execution. A lot of people talk about challenger banks. Well this is the only bank that is worthy of that word.”

Clydesdale owner National Australia Bank hopes to have effectively completed the flotation by the end of this year.