Clyne to oversee revamp
NATIONAL Australia Bank boss Cameron Clyne will personally oversee the restructure of the bank's under-pressure British arm after its long-serving European chairman, Malcolm Williamson, outlined plans to step down from next month.
NATIONAL Australia Bank boss Cameron Clyne will personally oversee the restructure of the bank's under-pressure British arm after its long-serving European chairman, Malcolm Williamson, outlined plans to step down from next month.Mr Clyne will step into the role of chairman of Clydesdale Bank and NAB Group Europe on the retirement of Sir Malcolm.The UK board shake-up comes just weeks after NAB outlined plans to slash jobs and close dozens of branches to stem losses as the British bank battles a worsening economic outlook.The overhaul of NAB's underperforming business will cost NAB $710 million in restructuring charges and provisions over the next year as its Clydesdale Bank stages a retreat to its heartland markets in Scotland and northern England.Still, the loss of the well-connected Sir Malcolm, who has headed the UK board since 2006, is a blow to NAB.The career banker previously held chief executive roles of credit card provider Visa International and during the 1990s headed the Asia-focused Standard Chartered Bank.As well as retiring from Clydesdale Bank, Sir Malcolm will step down from National Australia Group Europe, the broader banking group that takes in institutional lending and markets.At the weekend, NAB announced that four UK-based finance experts would also join the board of Clydesdale Bank.The changes were part of board renewal, NAB said.The appointments include David Allvey, the former finance director of Barclays, and Barbara Ridpath, the former European boss of the ratings agency Standard & Poor's.NAB's UK business posted a $36 million loss in the first half, with margins and revenue down.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free