NAB find man for nabCapital exit
(10 July 2009 – Global) NAB has selected a candidate to take a key role as part of the wholesale banking unit that is tasked with the exit from businesses that sat within nabCapital.
Peter Thodey has been appointed, as from 1 September 2009, to the new role of Executive General Manager Specialised Group Assets solely dedicated to managing the professional and orderly exit from these discontinued businesses that sat within nabCapital.
In March this year, NAB announced a restructure that saw napCapital split into three. While the corporate lending businesses were integrated into Australian and New Zealand core businesses, the rest was put into a new division called Wholesale Banking.
The remaining markets, treasury services and specialised finance business to business and corporate clients are to be managed in this separate unit, NAB announced.
NAB indicated during the restructure that it would be the remaining non-franchise related activities that would be progressively exited. NAB said that these areas sit outside its relationship model and include the purchased conduit assets. These include its hedged, $1.6 billion synthetic CDO exposure and its $4.5 billion of corporate CDOs.
As Thodey will be based in London, and his exclusive focus will be on this portfolio, he will step down from the Group Executive Committee.
The Specialised Group Assets Unit will continue to report to the Group Executive Wholesale Banking, Rick Sawers.
Colleen Harris will become Executive General Manager Human Capital Strategy and will assume Thodey’s current responsibilities in addition to her existing portfolio. Thodey’s current position is Group Executive Office of the CEO.
In March this year, NAB announced a restructure that saw napCapital split into three. While the corporate lending businesses were integrated into Australian and New Zealand core businesses, the rest was put into a new division called Wholesale Banking.
The remaining markets, treasury services and specialised finance business to business and corporate clients are to be managed in this separate unit, NAB announced.
NAB indicated during the restructure that it would be the remaining non-franchise related activities that would be progressively exited. NAB said that these areas sit outside its relationship model and include the purchased conduit assets. These include its hedged, $1.6 billion synthetic CDO exposure and its $4.5 billion of corporate CDOs.
As Thodey will be based in London, and his exclusive focus will be on this portfolio, he will step down from the Group Executive Committee.
The Specialised Group Assets Unit will continue to report to the Group Executive Wholesale Banking, Rick Sawers.
Colleen Harris will become Executive General Manager Human Capital Strategy and will assume Thodey’s current responsibilities in addition to her existing portfolio. Thodey’s current position is Group Executive Office of the CEO.
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