number of Scottish banks to three with Clydesdale now being the smallest. Midland needed to rationalise the enlarged Clydesdale but faced resistance. Midland also needed additional capital and its solution to both challenges was to sell Clydesdale (along with Midland's Irish subsidiaries) to National Australia Bank in 1987. National Australia Bank Group In 1989 National Australia Bank bought the Clydesdale bank for £420 million. Fred Goodwin, an accountant working for Touche Ross, worked on the acquisition. In 1995 Goodwin, with little direct banking experience, was appointed deputy CEO of the Clydesdale until 1997. During this period Goodwin earned the nickname "Fred the shred" for his aggressive manner in dealing with staff. In September 2013 the bank was fined £8.9 million after miscalculating the mortgage repayments of more than 42,000 customers. In March 2015 the House of Commons Treasury Select Committee said in a conduct report that they had evidence that the Clydesdale Bank had mis-sold unregulated tailored business loans and that the bank's own internal review of the mis-selling had serious shortcomings and lacked transparency. In April 2015 the Clydesdale was fined £20.7 million the largest of its type imposed by the Financial Conduct Authority for the mis-selling of PPI insurance. CYBG plc National Australia Bank confirmed in October 2014 that it planned to exit the UK, and was considering a number of options for Yorkshire and Clydesdale Banks, including a possible stock market listing. In October 2015, NAB confirmed it would float Clydesdale Bank and Yorkshire Bank on the London Stock Exchange (LSE) in February 2016 through an initial public offering, with an aim of raising £2 billion. The bank's newly formed holding company CYBG plc began conditional trading on the LSE and the Australian Securities Exchange on 3 February, and began trading unconditionally from 8 February. The flotation share price of 180p meant that the National Australia Bank made an estimated loss of £2 billion on the sale and had to make provisions of around £1.7 billion to cover claims for mis-selling of products. In March 2016 CYBG announced the closure of 28 branches as a cost saving move. The following month, CYBG announced the closure of a further 9 Clydesdale branches and 17 Yorkshire Bank branches. Virgin Money In June 2018, CYBG plc announced it would acquire Virgin Money for £1.7 billion in an all-stock deal. Almost one in six employees are expected to lose their jobs