Organic growth for NAB
(29 March 2010 – Global) The chief executive officer of National Australia Bank, Cameron Clyne, has said that while the British banking sector was starting to recover, any move to sell its Clydesdale and Yorkshire banks or to acquire any other British assets would have to be financially accretive.
NAB is well-positioned for organic growth in the region and will not be a force into selling, Mr Clyne told investors at the Credit Suisse investment conference in Hong Kong last week.
However, weak business lending growth may depress margins for its overall business in Australia, the Sydney Morning Herald reported.
Mr Clyne added that NAB would be leaving all its British options open and the timing of NAB's proposed takeover bid for AXA Asia Pacific Holdings was driven by the tilt initiated by AMP Ltd.
The bank’s head admitted that NAB's wealth management arm, MLC, and AXA have been talking to each other for 13 years.
However, weak business lending growth may depress margins for its overall business in Australia, the Sydney Morning Herald reported.
Mr Clyne added that NAB would be leaving all its British options open and the timing of NAB's proposed takeover bid for AXA Asia Pacific Holdings was driven by the tilt initiated by AMP Ltd.
The bank’s head admitted that NAB's wealth management arm, MLC, and AXA have been talking to each other for 13 years.
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