(18 November 2008 – UK) NAB’s UK subsidiaries, Yorkshire and Clydesdale banks have formed a strategic alliance with insurance company, AXA, resulting in cuts to NAB’s UK workforce.The strategic alliance, between the bank and the insurance giant, is expected to result in a cut to 350 jobs for the UK subsidiary of NAB.
Under the agreement, AXA is set to provide new investment and protection products to the NAB’s 2.3 million British retail banking customers.
Also, around £1.2 billion (A$2.75 billion) in funds under administration will be transferred to a new entity.
The exclusive alliance is designed to provide an enhanced financial advisory service and a wider choice of investment and protection products for NAB’s UK retail banking customers.
A NAB spokesman said that said the staff reductions followed the completion of a 12-month review of the wealth business, and were not the result of the global economic slowdown.
Lynne Peacock, CEO, Clydesdale and Yorkshire Banks, said the alliance allows both parties to each achieve their future aspirations while offering more choice and even better service for their customers.