DAVID Duffy, chief executive of CYBG, netted more than £730,000 worth of shares in the Clydesdale Bank owner under a deferred equity plan.

Mr Duffy was awarded 391,561 shares in CYBG under a 2015 plan linked to its demerger from National Australia Bank (NAB) in 2016, which prefaced its flotation on the London market. The shares were awarded on February 15, with Mr Duffy then selling nearly £350,000 worth of the shares to cover tax liabilities and sale costs the same day.

The development comes after CYBG faced a revolt over how much it pays its senior leaders when the bank staged its annual meeting in Australia last month. More than one-third of the votes cast at the meeting went against the resolution seeking approval for the directors' report on remuneration, amid concern the overall pay of Mr Duffy could rise to more than £4 million this year.

CYBG shares closed down 2.1% at 185.5p last night, having tumbled from 364.2p since August.