Clydesdale and Yorkshire parent mulls UK exit
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Natalie Holt
National Australia Bank may sell off its British banking subsidiaries Yorkshire and Clydesdale Banks as part of a wider review of its business operations.
Rumours are rife that the Australian parent company is looking to cut and run from its British banking interests in the wake of the UK’s depressed property market and downvalued banks.
A report from the Melbourne-based newspaper The Age alleges that Cameron Clyne, the NAB’s new chief executive, is weighing up the benefits of holding on to the Yorkshire and Clydesdale Banks.
The paper says the UK businesses accounted for just 18% of NAB’s total earnings.
A spokeswoman for the Yorkshire Bank declined to comment.
It is understood that Clyne has since denied any plans to sell off NAB's British banking interests.
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