National Australia Bank, the country's No.1 lender, on Friday announced a top management shake-up and restructuring to reverse declining market share in Australia and New Zealand, leading to the departure of three senior executives.
After exiting struggling UK operations and selling a controlling stake in its life insurance business, CEO Andrew Thorburn is under pressure to boost growth at home where NAB has underperformed its three big rivals in recent years.
"To me this is another sign of the ongoing transition of NAB to an Australia and New Zealand-facing business," said Simon Burge, chief investment officer at Above The Index Asset Management.
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After exiting struggling UK operations and selling a controlling stake in its life insurance business, CEO Andrew Thorburn is under pressure to boost growth at home where NAB has underperformed its three big rivals in recent years.
"To me this is another sign of the ongoing transition of NAB to an Australia and New Zealand-facing business," said Simon Burge, chief investment officer at Above The Index Asset Management.
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