CLYDESDALE Bank owner Virgin Money has recruited a sector heavy hitter to be its new chief financial officer (CFO).

Clifford Abrahams will join the group in March next year. He has been chief financial officer of Dutch banking group ABN Amro since 2017.

Mr Abrahams previously held senior roles at businesses ranging from the Aviva insurance group to Morgan Stanley investment bank.

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Virgin Money chief executive David Duffy said Mr Abrahams had a proven track record as a CFO of publicly-listed financial services companies and would be a strong addition to the group’s leadership team.

He added: “Clifford's deep experience and financial services knowledge will be of great benefit as we navigate an uncertain economic environment and ultimately deliver on our ambition to disrupt the status quo in UK banking.”

Mr Abrahams said Virgin Money was an exciting company with strong foundations.

Virgin Money said Mr Abrahams’ remuneration would be set in accordance with its published pay policy.

Mr Abrahams will succeed Enda Johnson, who became interim CFO at Virgin Money in October after Ian Smith left to join Denmark’s Nordea.

Mr Smith was a member of the management team at Clydesdale and Yorkshire Bank Group when it merged with Virgin Money in 2018.

The enlarged group felt the Virgin Money brand had the greatest potential.

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The remaining Clydesdale and Yorkshire Bank branches are expected to be rebranded as Virgin Money outlets early next year.

In October Virgin Money announced plans to cut up to 200 head office jobs in Glasgow.

Robert Swaak became chief executive of ABN Amro in April.