NAB’s chief defends new strategy
(5 March 2010 – Australia) National Australia Bank has embarked on a new strategy focusing its efforts on wealth management and the business banking market, prompting the bank’s chief to defend the new strategy to concerned investors.
Cameron Clyne, chief executive, NAB, said in an interview with The Australian newspaper that concerns investor have due to the strategy the bank has undertaken in moving away from retail banking, focusing instead on business banking and wealth management is legitimate.
Mr Clyne said he understood investors’ concerns and the questions surrounding whether NAB would succeed with the proposed APH (Axa Asia Pacific Holdings) transaction, and what effect any subsequent capital raising will have on the bank.
Investors' concerns also surround the bank’s plans for the UK and whether the new diversified retail strategy would pay off; investors have also been questioning whether there will be any deterioration of specialised group assets like conduits, Mr Clyne said in an interview with The Australian newspaper.
NAB said it would answer the questions as it could, however the important thing for the bank is to remain focused and not to be distracted. The bank believes it’s the right strategy and is focusing on getting to a point in time where it can show that, Mr Clyne added.
Mr Clyne said he understood investors’ concerns and the questions surrounding whether NAB would succeed with the proposed APH (Axa Asia Pacific Holdings) transaction, and what effect any subsequent capital raising will have on the bank.
Investors' concerns also surround the bank’s plans for the UK and whether the new diversified retail strategy would pay off; investors have also been questioning whether there will be any deterioration of specialised group assets like conduits, Mr Clyne said in an interview with The Australian newspaper.
NAB said it would answer the questions as it could, however the important thing for the bank is to remain focused and not to be distracted. The bank believes it’s the right strategy and is focusing on getting to a point in time where it can show that, Mr Clyne added.
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