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NAB says Clydesdale CEO quits as bank plans exit from UK market

Reuters

LONDON (Reuters) - National Australia Bank said on Tuesday David Thorburn had quit as chief executive of the bank's troubled British business Clydesdale Bank.

NAB did not name any successor to Thorburn, who has been Clydesdale CEO for almost four years and joined the bank in 1993. NAB also owns Yorkshire Bank in Britain, which Thorburn also ran.

NAB said in October it was looking at ways to exit the UK market after several years of poor performance and after being hit with high charges to compensate customers for mis-selling. Those options could include a sale or initial public offering of the business.

"I believe that the business requires a five year commitment from me, particularly as NAB looks at options to accelerate the exit from its UK banking business and I felt this was a significant undertaking," Thorburn said in a statement released by the company.

(Reporting by Steve Slater; Editing by Matt Scuffham)