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Economic gloom prompts strategic review by owner of Yorkshire Bank
THE company which owns Yorkshire Bank has launched a strategic review in response to the difficult UK economic conditions, it has announced.
National Australia Bank Group (NAB) says that “tough decisions” may have to be made.
The Bank Group made the announcement in its Quarter 1 trading update for the Clydesdale and Yorkshire Banks.
Chief executive David Thornburn said: “The time is right for us to re-examine our business given the recent reversal in the economic recovery, the structural changes in the UK banking market and our performance in that context.
“NAB, working with UK management, commenced a strategic review to reposition our business for this changed environment and to improve shareholder returns.”
He added: “Although reshaping the business will mean that we will have to take tough decisions, we are confident that the outcome will provide a strong and sustainable future for Clydesdale and Yorkshire Banks.”
He said the bank network will be supported and there will be investment in online and telephone banking.
NAB Group chief executive Cameron Clyne said that UK GDP had declined by 0.2 per cent in December and that recovery “is now a longer term prospect.”
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Saturday 26 May 2012
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