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Thorburn shifts across Tasman

BNZ’s managing director and chief executive Andrew Thorburn is to become the chief executive of the bank’s parent, National Australia Bank.

Thursday, April 3rd 2014, 1:43PM

Cameron Clyne, also a former BNZ chief executive,  is retiring from the NAB job in August.

The bank said it would announce a replacement for the BNZ’s top job in due course.

“Andrew Thorburn has done a superb job leading Bank of New Zealand since 2008 where he continued to build the bank’s performance,” NAB chairman Michael Chaney said. “As CEO of BNZ, Andrew has gained extensive experience in all of the component parts of running a full service commercial bank.”

He will start the role on August 1, with a reported base salary of A$2.2 million and the potential to earn 175% of that if targets are met.

BNZ chairman John Waller said: "The BNZ board sincerely thanks Andrew for his inspirational leadership of the bank at a truly challenging time, beginning in September 2008 as the global financial crisis was unfolding...In Andrew’s time with us, BNZ’s cash earnings increased from $557m in 2008 to $788m last year. Deposits increased from $24bn to $38bn, and we’ve achieved a world class cost-to-income ratio of 40.3%. In customer satisfaction categories, BNZ is number one or two across the board.”

Thorburn said his excitement at moving to Australia to take up his new role was tinged with sadness at the prospect of leaving BNZ after more than five years, in addition to the 14 years he had previously spent in New Zealand.

“For BNZ the past five-and-a-half years have been a time of great change, innovation and adaptability. We have helped New Zealand businesses to grow and prosper, we have spent hundreds of millions of dollars in support of local suppliers, and we have helped New Zealanders to be good with money in a myriad of ways that matter to them.

“The lesson for me is a clear one. For all the sophistication of its technology and systems, I know that banking is fundamentally a business based on relationships between people: our own people who come to work for us every day, our customers, and the communities of people that sustain us."

Thorburn said that NAB was very well positioned to build on its strengths.

“Under Cameron Clyne’s leadership NAB revitalised its personal bank, maintained a strong position in business banking, strengthened its technology capability, and managed the UK business into a better state than previously.

“There are still many challenges for us but we have a good foundation and have carved out a strong reputation for doing good in distinctive ways, as shown by NAB’s fair value agenda, financial inclusion and support for indigenous Australians."

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