NAB’s Fahour quits to lead Rudd Bank

NATIONAL Australia Bank said its former head of Australian operations, Ahmed Fahour, would today leave its board and executive committee.

Mr Fahour will head up the federal Government’s $4 billion scheme that is designed to help the refinancing of commercial property projects that are threatened by the withdrawal of foreign banks.

The Australian reported last Monday that NAB was set to announce a senior management restructure. Richard Gluyas wrote that Mr Fahour’s future with NAB, Australia’s biggest by assets, was unclear.

Business and private banking boss Joseph Healy was tipped for a big promotion and an expanded role in the key Australian banking operations, the report said.

The elevation of Mr Healy, who already has responsibility for more than 40 per cent of the bank’s earnings, would ease some of the workload o new chief executive Cameron Clyne, after he consolidated the role of CEO Australia with the group CEO position last December.

Mr Fahour had been sounded out by the federal Government to lead its Rudd Bank.

In its statement today, the Melbourne-based banksaid Mr Fahour would make a statement about his future later.

NAB chairman Michael Chaney said: “Ahmed has transformed the NAB’s business in the Australian region. He initiated and carried out a program of change which has been of great benefit to all stakeholders.”

Shares of National Australia Bank lost 2 per cent to $18.03 today, as the Big Four in banking all recorded losses in value.

With AAP

theaustralian.news.com.au

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