NAB tightens its grip on running Yorkshire Bank

National Australia Bank yesterday said the UK banks’ chairman, Sir Malcolm Williamson, is standing down after eight years and will be replaced by group chief executive Cameron Clyne.

Along with Sir Malcolm, three non-executive directors are also leaving, after four new non-executives were appointed this month.

In line with its tightening grip, NAB also said it is appointing two more of its group executives to sit on the board of Yorkshire and Clydesdale banks. Their names have not been disclosed as they await approval from regulators.

NAB last month unveiled a deep overhaul of the lenders after they slumped to a £25m cash loss in the six months to the end of March.

The banks’ newly published interim report revealed losses deepened to £186m after provisions for mis-sold insurance and commercial property and a pension scheme gain.

The revamp will see 1,400 job cuts and the closure of 29 business banking centres in the South.

Jonathan Dawson, Roy Nicolson and Elizabeth Padmore are leaving the banks on May 31.

Costain Group chairman David Allvey and former Man Group executive David Browne have been appointed in their place. They are joined by Barbara Ridpath, who previously ran the European arm of ratings agency Standard & Poor’s and former PricewaterhouseCoopers partner Alex Shapland.

The only non-executives to survive the cull are Sir David Fell and Richard Gregory, chairman of Yorkshire Bank.

A spokesman said the appointments were delayed by the restructuring, adding recruitment started more than a year ago.

David Thorburn, chief executive of Clydesdale and Yorkshire banks, said: “For the past eight years, Sir Malcolm has successfully steered the UK board through a period of tremendous change and the global financial crisis in particular.

“Given the board’s on-going renewal programme, and the new chapter we are beginning following the strategic review, we understand why this is the right time for Sir Malcolm to retire and focus on his many other commitments.”