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The National Australia Bank announced today that Mr Ron Erdos has been appointed General Manager, Global Markets Division. Mr Erdos succeeds Mr Steve Targett who was promoted to Executive General Manager Global Wholesale Financial services in the bank's recent management re-structure. Mr Erdos will remain based in Sydney. Announcing the appointment, Mr Targett said: "This critical appointment recognises the role Ron has performed in building our Derivatives and Debt Market capability over the past three years and his ongoing commitment to the strategic direction within the Global Markets Division. "The impetus for revenue growth within the global Debt Markets activities over the medium term depends largely on our abilities to grow and give critical mass to our Structured Products and Capital Markets businesses and we are well positioned to move forward on this," Mr Targett said. Mr Erdos said that in his new role, one of the key growth strategies within the Global markets division would continue to be the building of the debt securities business as demonstrated by the recent appointments in New York office. "The market is recognising the National as a major player in the bond markets, following the success of initiatives such as the ETSA bond issue. "Our strategy remains to be the premier global house in AUD and NZD fixed income and Australasian credit product," Mr Erdos said. Mr Erdos said that recent appointments in New York had strengthened the bank's securities distribution capabilities in the United States. "Over the past six months we have made key appointments to our Australian, UK and Asian teams. This is part of our global strategy to boost our origination, distribution and research activities in both debt securities and credit derivatives," Mr Erdos said. Mr Erdos said that as one of the final links in the strategy, he was pleased to announce that Mr John McClusky from Deutsche Bank New York and Peter Hendry of Macquarie Banks' New York office would both be joining National to spearhead its distribution capabilities in the United States. Mr McClusky has had a long career in AUD and NZD fixed income markets with Bain and Co and Deutsche Bank both in Australia and the United States. This will be his second stint in the United States where he is well known and respected by institutional investors and should provide the National with some solid momentum in fulfilling its US objectives. Mr Peter Hendry also has an extensive background in fixed income markets and was prior to Macquarie Bank with ABN Amro in New York with a focus on Australian and New Zealand debt product. These appointments include prior appointments in London (Paul Silk, Greg Cotterall - both ex Bankers Trust/ Macquarie Bank in London), in Australia (Mal Thompson ex Macquarie Bank, Michael Clout ex CSFB, Greg Batterham ex Salomon Smith Barney, Phil Bayley, ex Westpac). "This demonstrates the National's ability to attract strong talent to implement its strategies which is not something the bank had been recognised for in the past," Mr Erdos said. Mr Erdos' current role as General Manager, Global Debt Markets will be split. Mr David Challis assumes responsibility for Debt Trading and Structured Products globally, and Mr Steve Lambert responsible for the Capital Markets activities encompassing the execution and distribution of credit product in both physical debt securities and credit derivatives. Prior to joining the National in 1997, Mr Erdos' roles were with Bank of America in Hong Kong and Westpac. The key global reports to Mr Erdos will be:
Foreign Exchange - John Richards
Money Market - Mike Sheehan
Debt Trading and Structured Products - David Challis
Capital Markets - Steve Lambert
Business Markets - Steve Kelly
The National's Global Markets Division encompasses trading, risk management and sales activities in Australia, New Zealand, the United Kingdom Asia and the US.
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