NAB on prowl for top British banker

13 April 2012

NATIONAL Australia Bank (NAB) is looking to recruit a senior executive from one of its UK banking rivals to help revive the fortunes of its struggling European operations.

NAB is talking to executives from at least two High Street rivals, and hopes to make an appointment before rolling out a new business model for its UK operations in September.

'The objective is to get a quality and appropriately skilled person to join the executive team with Ross Pinney,' a NAB spokesman said. 'It's a high priority that we fill that position as soon as possible.'

Analysts suggest NAB is searching for a credentialled executive who could eventually take full control of the UK business, replacing Ross Pinney who stepped in as divisional chief executive when Stewart moved to Melbourne.

Scottish-born John Stewart, who took over as NAB chief executive following that bank's A$360m (£140m) foreign exchange scandal, has already lured former Woolwich boss and protege Lynne Peacock as NAB's executive general manager, people and culture.

NAB's stable of UK banks - including National Irish Bank, Northern Bank and the Clydesdale and Yorkshire banks - contribute about 25% of total profits, but all four are being squeezed by tougher markets.

Stockbroking analysts are starting to question NAB's commitment to its two Irish banks, which if sold could net the bank a profit of about £300m.

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