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Bulletin: National Australia Bank Ratings Are Unaffected By Appointment Of New Group CEO Jul 08 Product Image

Bulletin: National Australia Bank Ratings Are Unaffected By Appointment Of New Group CEO Jul 08

  • Published: July 2008
  • Region: Australia
  • Standard & Poors

FEATURED COMPANIES

  • Bank of New Zealand
  • Clydesdale Bank PLC
  • MORE

Abstract
MELBOURNE (Standard & Poor's) July 31, 2008--Standard & Poor's Ratings Services said today that its ratings on National Australia Bank Ltd. (NAB, AA/Negative/A-1+) and NAB's subsidiaries are unchanged following the bank's announcement today that Mr. Cameron Clyne will be the new Group CEO. We consider that this appointment will not materially change the bank's strategy and consequently NAB's credit quality. This is because the appointment is part of an orderly succession plan and Mr. Clyne has been a senior member of the NAB group's management for more than four years. Furthermore, apart from Mr. Clyne's replacement, all other senior executives are expected to remain in their current roles....

Companies mentioned in this report are:
- National Australia Bank Ltd.
- Bank of New Zealand
- Clydesdale Bank PLC

Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying READ MORE >

- National Australia Bank Ltd.
- Bank of New Zealand
- Clydesdale Bank PLC

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