Clydesdale Bank appoints first acquisition finance head

Clydesdale Bank has appointed Richard Kennerley as head of acquisition finance.  The new position consolidates the bank's push into this sector and illustrates its desire to offer fully integrated financial solutions to its customer base.

Rick joined Clydesdale's sister bank Yorkshire Bank in 1996 to set up a presence in Manchester and rose to the position of director responsible for all commercial and private banking across the North West and Midlands region.  In his new role, Rick is tasked with growing the acquisition finance business across Clydesdale and Yorkshire Bank's nationwide network of Financial Solutions Centres.

The new acquisition finance team will assist businesses looking for advice and funding for corporate acquisitions.  The support offered to businesses will be localised and operated out of the key regional centres of Glasgow, Manchester, Leeds, Birmingham and London and will support the network of more than 75 Financial Solutions Centres the bank has across the UK.

By offering an acquisition finance facility to its customers, who are refered to as members, the bank aims to attract new business at a key time in a company's development.  The new acquisition finance service also adds to the bank's current business services which range from commercial lending, treasury and wealth management, as well as private and transaction banking.

Rick Kennerley comments "I believe that we can really grow our business by increasing the range of services that we are able to offer to our membership base.  Acquisition Finance is a specialist area and one that will help grow our revenues and allow us to work with businesses at key stages of their development."

David Thorburn, chief operating officer for Clydesdale Bank comments "Rick as been with us for more than 10 years and has a successful record of growing businesses - both ours and those of our members.  We believe that developing this enhanced service under his leadership is the next logical step to fulfilling an holistic banking package for our members."

Rick, who will run the acquisition finance business from the Bank's offices in Manchester, is also looking to grow his team with further senior appointments to the regional offices.  Brian Colquhoun, currently the managing partner of the Coventry Financial Solution Centre, will step into Rick's shoes and run the financial solutions centres across the North West and Midlands..

Over the last two years Clydesdale Bank has focused its activities on developing a new model of banking that is attractive to private individuals as well as corporate customers - where integrated business solutions are offered to commercial businesses, entrepreneurs and high net worth individuals.  The "building" phase of its network of Financial Solutions Centres is now complete and as at 30 September 2005, there were 32 Financial Solutions Centres in the south of England, 28 centres in the north of England and 18 centres in Scotland.

Rick, 43, joined Yorkshire Bank from Hill Samuel, where he was a business development manager with responsiblity for acquisition finance and corporate restructuring.  Before occupying this role, he spent 10 years with Natwest.  Rick is a qualified banker and a Member of the Association of Corporate Treasurers.