SYDENY: National Australia Bank (NAB) said David Thorburn had quit as chief executive of the bank’s troubled British business Clydesdale Bank.
NAB did not name any successor to Thorburn, who has been Clydesdale CEO for almost four years and joined the bank in 1993. NAB also owns Yorkshire Bank in Britain, which Thorburn also ran.
NAB said in October it was looking at ways to exit the UK market after several years of poor performance and after being hit with high charges to compensate customers for miss selling. Those options could include a sale or initial public offering of the business.
Thorburn said I believe that the business requires five year commitment from me, particularly as NAB looks at options to accelerate the exit from its UK banking business and I felt this was a significant undertaking.
