Independent Clydesdale Bank ahead of schedule as more jobs and branches face axe

However, there will be bad news for some staff and customers as the lender signalled that the update to investors will also outline more job losses and the closure of about 50 branches as it ramps up cost cutting.

The bank, which also includes the Yorkshire Bank brand, was sold off by National Australia Bank in February at 180p.

Shares in the group, which trades on the London Stock Exchange as CYBG, were worth 272p on Monday and the new update to investors comes after a revising of its medium term targets, it said.

CYBG explained that it expected to deliver its targets faster than it originally announced at the time of the demerger and flotation and it plans to invest more than £350m over the next 2 years to simplify the business, drive cost and capital efficiency, and maintain resilience.

It is also making more than £100m of cost cuts by 2019.

This will see it trim its branch network from 248 to fewer than 200 over the next three years, although its is not yet known which branches will be affected.

CYBG had already announced plans to shut 26 branches nationwide by the end of this month and reduce its workforce, with nearly 500 jobs axed over the past 18 months.

The bank said it would improve the branch experience, supported by a strong digital offering.