NAB to polish up UK business for growth
(9 February 2005 – UK) National Australia Bank believes it can outstrip the growth of its Australian rivals by revitalising and expanding its UK business, which it admitted had previously been inefficient and out of step with market trends.
"The UK is big enough for smaller banks to compete profitably in niche markets. It is three times the size of the Australian banking market and offers growth opportunities not available to our Australian competitors," NAB group chief executive John Stewart said.
NAB announced it was committed to growing the two banks it owns in northern England, Clydesdale Bank and Yorkshire Bank, in the wake of the sale of its Irish business. NAB is targeting the south east of England as a major growth opportunity.
NAB European chief executive Lynne Peacock admitted the British banks had laboured under complex operating structures, were inefficient, suffered too many changes of management and were out of step with the wider market.
"In the past, our service delivery has not kept pace with customer trends, our distribution network did not extend into the south east of England, we had no third party channels and limited direct channel capability," Peacock said.
"In addition, we lacked common products, processes and systems and had separate banking and wealth management platforms," she said.
To get the banks running more efficiently, NAB intends to simplify and refresh the product suite, improve distribution, use the broker channel for mortgage products and place small business bankers in certain branches.
The two banks have also legally merged and NAB intends rolling out 12 new financial solutions centres in south east England.
NAB announced it was committed to growing the two banks it owns in northern England, Clydesdale Bank and Yorkshire Bank, in the wake of the sale of its Irish business. NAB is targeting the south east of England as a major growth opportunity.
NAB European chief executive Lynne Peacock admitted the British banks had laboured under complex operating structures, were inefficient, suffered too many changes of management and were out of step with the wider market.
"In the past, our service delivery has not kept pace with customer trends, our distribution network did not extend into the south east of England, we had no third party channels and limited direct channel capability," Peacock said.
"In addition, we lacked common products, processes and systems and had separate banking and wealth management platforms," she said.
To get the banks running more efficiently, NAB intends to simplify and refresh the product suite, improve distribution, use the broker channel for mortgage products and place small business bankers in certain branches.
The two banks have also legally merged and NAB intends rolling out 12 new financial solutions centres in south east England.
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