The Clydesdale Bank brand is set to disappear from the high street 181 years after it was first formed in Glasgow.

The bank’s owners have warned of potential job cuts as both Clydesdale and Yorkshire banks are set to be re-branded after a takeover by Virgin Money.

The Clydesdale and Yorkshire Banking Group said it was rolling out further automation within its branches and operations under plans to increase annual cost savings by another £50m to £200m by 2022.

CYBG warned the extra cost savings could lead to further potential job losses on top of around 1500 already set to go as a result of the Virgin Money deal.

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It came as the group also said it will fire the starting gun on its re-brand to Virgin Money this year, starting with digital banking arm B, which will complete by next June.

This will be rolled out to Clydesdale Bank by 2020 and the entire business is scheduled to be fully re-branded the following year.

The wider CYBG holding company will change its name to Virgin Money by the end of this year.

Around a dozen of the company’s branches on both side of the border will close, but it plans to combat this by rolling out more automation and self-service machines in its network.

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CYBG boss David Duffy said the decision to axe the Clydesdale and Yorkshire bank brands was “not an easy one”.

Mr Duffy said: “Both brands are a by-word for reliability and trust and we understand the emotional attachment customers and local communities have towards them.

“The decision to retire brand names with such long and proud histories is not an easy one.”