NAB chief backs Yorkshire Bank
NATIONAL Australia Bank has pledged its support for its UK operations following speculation it may sell off Yorkshire and Clydesdale banks after credit ratings agency Moody’s downgraded their debt rating.
Moody’s said its action of cutting the banks’ long-term bank deposit and senior debt rating to A2 from A1 reflected a “reduction” in the “likelihood of support”.
However NAB, the banks’ parent company, said there was no scaling down of support for its UK division. It owns the Clydesdale and the Yorkshire banks.
NAB chief executive Cameron Clyne said: “Our primary focus in the United Kingdom has been, and remains, organic growth.
“There has been much speculation in the UK about potential mergers and acquisitions in the past 12 months, and how our UK business may fit in with this, but in all cases this has been driven by other parties who are considering divesting or acquiring.”
He added: “Our shareholders’ interests require that NAB considers all potential options, but NAB’s focus on organic growth has not changed, nor has the nature of the group’s support for our UK business.”
