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NAB still looking to sell Clydesdale

20 December 2013 5:30PM
Clydesdale Bank remains an asset National Australia Bank hopes to sell, the chair of the bank's board, Michael Chaney, reiterated at the bank's annual meeting in Melbourne yesterday."While the disposal of the UK business has not proved possible to date, the major restructuring we undertook last year is beginning to bear fruit," Chaney said.The bank's chief executive, Cameron Clyne, has said in the past that the aim with Clydesdale is to "trade… out to a position where we can actually get a better outcome for shareholders."The difficulty for NAB is that a number of sub-scale retail banking businesses are now on the block in the UK, including those owned by Abbey, the Co-op, Lloyds and the Royal Bank of Scotland.Chaney also said the bank's 2013 "restructuring" in Australia "is now complete", not that many will have interpreted the bank's March 2013 strategy update (which focused on cost-saving measures) as being anything so substantial.Clyne, meanwhile, provided the meeting with one metric on reshaping its business in Australia. He said that the bank had "rationalised more than 50 per cent of our core banking products" since 2009.

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