NAB announces changes to the leadership of its UK banking business

Wednesday, 16 March 2011

National Australia Bank (NAB) today announced that Ms Lynne Peacock intends to step down as UK Chief Executive Officer in July 2011 after 8 years with NAB which included 7 years leading NAB's UK business. David Thorburn has been appointed CEO designate of UK Banking, subject to regulatory approval, and will join the Group's Executive Committee from 1 July 2011.

National Australia Bank Group CEO Mr Clyne said:

"Lynne has made a tremendous contribution to NAB and worked tirelessly to build our UK operations in to a strong, sustainable business with a first class reputation. Lynne has successfully transformed the UK businesses and ensured they were kept safe and secure during the worst financial crisis in post war history. I would like to thank her for the valuable contribution she has made as a member of the NAB Group Executive Committee.

"David Thorburn is an experienced executive with extensive business and retail banking experience coupled with strong leadership qualities. He has been a Board Director of Clydesdale Bank PLC since 2002 and worked closely with Lynne as part of the UK management team for 7 years.

"I would like to congratulate David on behalf of the Board and look forward to working with him on the continued development of NAB's UK Banking business," he said.

Sir Malcolm Williamson, Chairman, National Australia Group Europe Limited said:

"On behalf of the Board I would like to add the Board's thanks to those from Cameron for the significant progress the business has made during Lynne's time as CEO UK Banking. The Board also looks forward to working with David in his new capacity."

Lynne Peacock, UK CEO, said:

"It has been a great privilege to serve NAB over the past eight years but after almost seven years as UK CEO I believe that it is time for a change. It has been extremely fulfilling leading the transformation of the Clydesdale and Yorkshire Bank with the support of the Group and Board. Most importantly I'd like to thank the UK management team for their unstinting support, guidance and friendship.

"I'd also like to thank the UK's employees for their continued hard work and commitment to supporting our customers through these challenging times. Clydesdale and Yorkshire Banks are in a strong position and are well positioned for the future."

Short biographies of both Ms Peacock and Mr Thorburn

Lynne Peacock - Chief Executive of Clydesdale and Yorkshire Banks

Lynne Peacock has been Chief Executive of Clydesdale and Yorkshire Banks since October 2004. She is also a Member of National Australia Bank's Group Executive Committee.

Lynne joined the Group in September 2003 as an Executive Director (of the Clydesdale Bank).

In 2004 she held the position of Executive General Manager, People & Culture for National Australia Bank Group, based at the company's head office in Melbourne.

She started her career in banking in 1983 with The Woolwich. She was appointed to the Woolwich plc Board in 1996 as Group Operations Director and was appointed Chief Executive in 2000 (when Woolwich became part of the Barclays Group).

Before joining the Woolwich in 1983, Lynne held a number of marketing roles with Tate and Lyle and Unilever.

David Thorburn - Executive Director UK, Clydesdale and Yorkshire Banks

David has been a Board Director of Clydesdale Bank PLC since 2002. In 2008, he became Executive Director UK and also joined the Board of National Australia Group Europe Ltd.

David joined Clydesdale Bank in 1978 as a graduate trainee with a degree in law from the University of Glasgow. In 1999 he completed the Advanced Management Programme at Harvard Graduate Business School. David is a Chartered Banker and a Fellow of the Chartered Institute of Bankers in Scotland

David was appointed to the position of Chief Operating Officer, Clydesdale Bank in 2002 and assumed the same responsibilities for Yorkshire Bank in late 2004; having previously been General Manager, Business Banking , for Clydesdale and Yorkshire Banks.

During the period from 1984-1993, David held a variety of roles with TSB Scotland PLC.

David was Chairman of CBI Scotland 2007-2009; he is a past President of the Chartered Institute of Bankers in Scotland (CIOBS) and is an Ambassador for the Prince and Princess of Wales Hospice. He is a former Director of Scottish Financial Enterprise and a former Chairman of the Advisory Board of Strathclyde Graduate Business School.

David currently chairs the Scottish Financial Services Industry Skills Gateway and is a member of the CIOBS Professional Standards Board.

For further information:

NAGE

Barry Gardner
0845 603 5447 / 07789 171 614

The Cardew Group

Rob Ballantyne
0207 930 0777 / 07899 878 210