Ahmed Fahour steps down from NAB Executive and Board

Confirmed as Interim CEO to $4 billion Australian Business Investment Partnership

20 February 2009

NAB Executive Director Ahmed Fahour has announced that he will step down from the Principal Board and Group Executive Committee with effect from 20 February 2009.
Mr Fahour joined the NAB in September 2004 as Chief Executive Officer Australia and soon after become an Executive member of the Board.

He was responsible for managing the NAB’s Australian and Asian region which included Retail, Business and Corporate Banking. He also oversaw MLC which included Retail Investments, Insurance and Wholesale Superannuation. In 2008, he was responsible for over $3.3 billion cash earnings, $350 billion of assets, $100 billion of FUM, over $500 billion of assets under custody and 23,000 employees.

NAB Chairman, Mr Michael Chaney said today that, "Ahmed has transformed the NAB's business in the Australian region. He initiated and carried out a programme of change which has been of great benefit to all stakeholders”.

NAB Group Chief Executive Cameron Clyne said that Mr Fahour had left the Australian business in excellent shape and well positioned to meet the challenges inherent in the global economy.

Mr Fahour said he was leaving the business after nearly five years because the job he was employed to do had been completed successfully.

“Reflecting on my tenure with the National Australia Bank I have a sense of great pride and achievement and I relished the expansive role and the responsibilities handed to me by the board.

“I could not have asked for a more supportive group of people to work with. In particular the honour of leading a very talented Australian management team. Furthermore, I would like to particularly acknowledge the support, guidance and friendship offered by Graham Kraehe, Michael Chaney and John Stewart. We worked together professionally and successfully in the best interests of all stakeholders – our staff, our customers and shareholders and the community at large,” Mr Fahour said.

Mr Fahour said that “the National Australia Bank is a world class business with world class talent. I have worked in the United States for a number of years and travelled extensively more recently and can assure you that the NAB is very well placed to support its customers and ride out the troughs of the current economic climate. The same must be said for the Australian financial services system. I agree with the view that our banking system leads the world. We can be grateful for the appropriate regulatory framework that binds the financial services sector’s day to day activity.”

Mr Fahour said he was honoured to accept an invitation from the Prime Minister and Treasurer to become Interim Chief Executive Officer of the recently announced $4 billion Australian Business Investment Partnership. The Partnership is designed to help the refinancing of successful commercial property companies threatened by the withdrawal of foreign banks and the shutdown of capital markets.

He will continue to sit on the Prime Minister’s Social Inclusion Board and represent the Victorian Premier as an Ambassador for Melbourne’s North. He has also confirmed his ongoing directorships of the Rip Curl Group and Nasdaq Dubai and will continue as a trustee of the Melbourne Cricket Ground.

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