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Clydesdale Bank faces legal action over alleged mis-selling of loans

Clydesdale Bank
Clydesdale Bank

Clydesdale Bank is facing a potential multi-million pound claim from hundreds of small business claiming they were mis-sold loans between 2001 and 2012.

The lender, which forms part of FTSE 250 member Clydesdale and Yorkshire Banking Group (CYBG), has been served with a letter ahead of potential proceedings next year, alongside its former parent National Australia Bank (NAB).

Hundreds of small business claim they were mis-sold so-called tailored business loans that allegedly contained risky interest swaps not disclosed to customers.

CYBG said it would defend the allegations “in the strongest terms possible”.

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A spokesman for the bank added: “The bank has dedicated substantial effort in recent years working through this historic conduct matter, engaging openly and transparently with customers as part of a wide-ranging remediation programme.”

The action is funded by Anglo-Australian litigation funders Augusta Ventures. NAB declined to comment.