National Australia Bank (NAB), owner of the
UK’s Yorkshire and Clydesdale banks, has distanced itself from
rumours that it is planning to exit the UK retail banking
market.
A spokesperson told RBI the bank was
“comfortable” with its position in the UK where it spans a
340-strong branch network.
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Last week, the bank pulled out of the bid for
Royal Bank of Scotland’s 318 branches, leaving Spain’s Santander,
the clear frontrunner for the branches valued at £2bn ($2.8bn).
At the start of the year, the group’s chief executive Cameron
Clyne signalled at expansion in the UK market and speaking at the
group’s annual meeting, he said: “I can advise shareholders that we
have been approached by a number of players in the UK market to see
how we could work with them.”
“We are going to explore and assess what value these approaches
offer for NAB shareholders.”
NAB reported a 21.4% fall in first half net profits to A$2.09bn,
with earnings in the bank’s personal banking unit dropping by 22.3%
to A$317m after an aggressive fee-cutting strategy.
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