TOKYO: National Australia Bank Ltd.'s chief executive said on Sunday he saw no need to divest more businesses after the sale of its British operations, planned for early next year.
"We are nearly through the (divestment) process," said CEO Andrew Thorburn told Reuters in Tokyo. After the sale of the U.K. operations, "we can say we closed a chapter," he said.
He was in Japan to meet executives of Nippon Life Insurance Co. Last month, NAB agreed to sell 80 percent of its life insurance arm to the Japanese insurer for about $1.7 billion.
Thorburn, who took office in August 2014, has made it a priority to shed legacy overseas assets including the United States and British operations.
The bank's goal is to focus on its core Australian and New Zealand franchise, where returns are stronger.
The chief executive said there is a growth opportunity in Australia in wealth business, including superannuation, investment and asset management. He said the bank is going to invest A$300 million ($217 million) in "a number of initiatives" in that business segment.
Thorburn also said NAB is "well positioned" in terms of regulatory capital levels, and he did not see need to raise money to meet stricter global standards that banks face.
Comments
Comments are closed.