13 / 24
Business View Australia - February 2015 13
and institutional clients. NAB Wealth operates one
of the largest networks of financial advisers in Aus-
tralia;
•
NZ Banking
comprises the retail, business, agri-
business, corporate and insurance franchises in
New Zealand, operating under the Bank of New Zea-
land (BNZ) brand. It excludes BNZ’s markets opera-
tions; and
•
UK Banking
operates under the Clydesdale and
Yorkshire Bank brands offering a range of banking
services for both personal and business customers.
These services are delivered through a network of
retail branches, business and private banking cen-
ters, direct banking and broker based channels.
•
NAB UK CRE
portfolio business was created on
Oct. 5, 2012 with the transfer of £5.6 billion of com-
mercial real estate loan assets from Clydesdale
Bank plc (Clydesdale Bank) to the company, man-
aged via its London branch.
2014 was a challenging year for the group. The ad-
ditional provisioning for UK conduct related matters,
combined with capitalized software and deferred
tax asset (DTA) provisions was disappointing. How-
ever, these issues are being dealt with transparently
and appropriately, and the underlying performance
of the group remains strong.
The group continued to better align the business to
the changing economic landscape and customers’
evolving needs. It continues to focus on enhancing
the core Australian and New Zealand franchise. At
the same time the group continues to manage its
international portfolio for value.
In Australia, the group has now fully implemented
an integrated and simplified operating model that
aligns the organization to the external environment
and evolving customer needs. The model features: