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BNZ on National Aust Bank CEO & MD Appointments

Statement On Appointment Of A New Chief Executive And Managing Director For National Australia Bank

Bank of New Zealand Managing Director Peter Thodey said today that the appointment of a new managing director and chief executive for the National Australia Bank would have no direct, immediate impact on Bank of New Zealand, which is owned by the National Australia Bank.

“I do not anticipate any changes in Bank of New Zealand’s personnel, operations, or overall strategy as a result of the appointment of John Stewart to succeed Frank Cicutto,” Mr Thodey said. “Practically, Bank of New Zealand customers and staff won’t see any change in the way we do business in New Zealand.

“While Bank of New Zealand is a wholly-owned subsidiary of National Australia Bank, it is effectively managed and operated in New Zealand with an independent Board of Directors, which means changes in management in Australia do not necessarily have a direct impact here.

“That point notwithstanding, I am pleased to have John Stewart as the National Australia Bank Chief Executive and Managing Director. He is a highly-capable businessman with an outstanding record in banking in some of the toughest markets in the world.

“I also recognise the major contribution that Frank Cicutto has made to the group as chief executive during the last five years, and his record of loyalty and service to National Australia for almost 40 years.”

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