NAB reshuffles to refocus business
(16 March 2009 – Australia) As part of its strategy update, NAB has undergone a restructure on the nabCapital unit and redefined its management structure.
NAB said in its strategy update that the new group structure increases the focus on customer and relationship banking.
In particular, the nabCapital unit will be restructured, with the business split into three.
The corporate lending businesses in nabCapital, which comprises of Australian, New Zealand and UK franchises, will be merged into the business bank in each of the regional banking operations.
The remaining markets, treasury services and specialised finance business to business and corporate clients will be managed as a separate unit, now called Wholesale Banking.
The remaining non-franchise related activities will 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.
The strategic update has meant the reshuffle in a few key positions.
The former nabCapital head, John Hooper, will become executive director UK, second in command to UK chief executive Lynne Peacock.
Former chief information officer, Michelle Tredenick, will be replaced by Bank of New Zealand banking and delivery services general manager Andrew Bennett, who will take up the role of CIO group business services in April, and will report directly to Gavin Slater, the Group Executive Group Business Services.
Current Finance Director, Mark Joiner, was also appointed as an executive director of the bank’s board.
In particular, the nabCapital unit will be restructured, with the business split into three.
The corporate lending businesses in nabCapital, which comprises of Australian, New Zealand and UK franchises, will be merged into the business bank in each of the regional banking operations.
The remaining markets, treasury services and specialised finance business to business and corporate clients will be managed as a separate unit, now called Wholesale Banking.
The remaining non-franchise related activities will 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.
The strategic update has meant the reshuffle in a few key positions.
The former nabCapital head, John Hooper, will become executive director UK, second in command to UK chief executive Lynne Peacock.
Former chief information officer, Michelle Tredenick, will be replaced by Bank of New Zealand banking and delivery services general manager Andrew Bennett, who will take up the role of CIO group business services in April, and will report directly to Gavin Slater, the Group Executive Group Business Services.
Current Finance Director, Mark Joiner, was also appointed as an executive director of the bank’s board.
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