THE Clydesdale Bank name looks set to survive in currency form after the brand disappears from Scotland’s shopping streets.

Clydesdale’s owner CYBG won legal clearance on Monday for a plan which will see it run all its operations under the brand of the Virgin Money business it acquired last year.

Demise of Clydesdale Bank name confirmed

The group confirmed the Clydesdale and Yorkshire Bank names will be phased out by the end of 2021.

However, it does not appear ready yet to call time on the arrangement under which it is licenced by the Bank of England to issue notes under the Clydesdale name.

While the bank did not give details of its plans for Clydesdale notes, a spokesman said a new £20 denomination Clydesdale-branded version is due to enter circulation in February 2020.

With polymer currency more robust than paper alternatives the new notes are likely to be in circulation after CYBG stops using the Clydesdale name in branches and sales material.

Jobs at risk as Clydesdale swings axe on branches

The spokesman said CYBG has no plans currently to issue Virgin Money branded notes.

“If there are any changes to note issuance we’ll announce to the market at the appropriate time,” he added.

Scottish lenders including Clydesdale issue bank notes under licence from the Bank of England.

They may choose to stop issuing notes but must notify the Bank of England at least three months before any such plans are made public.

They would then need to notify the public at least two months before ceasing issuance.

Design of new £20 note featuring JMW Turner unveiled

In 2015 Clydesdale Bank became the first in Britain to issue a polymer note. Earlier this month The Bank of England announced plans to publish a polymer £20 note featuring the artist JMW Turner in February 2020.