Leading British Banker to Lead National Australia Bank's European Business - 18 March 2003

A leading British banker, Mr John Stewart, has been appointed Managing Director and Chief Executive Officer of National Australia Bank Europe and a Director of the National Australia Bank's Principal Board.  The appointment will commence in August 2003.

The Chairman of the National, Mr Charles Allen, said the Directors were delighted that Mr Stewart had agreed to join the Board and lead the group's banking business in the United Kingdom and Republic of Ireland.

"John will bring valuable international banking experience and insights into European banking to the group," Mr Allen said.

The Managing Director of the National, Mr Frank Cicutto, said Mr Stewart would be an important member of the executive team.

"John will bring extensive knowledge and a successful track record of retail banking in the United Kingdom," Mr Cicutto said. "He will strengthen our management depth and will lead the further implementation of our retail banking strategy in the United Kingdom."

Mr Stewart said: "The National has a big business in the UK with strong regional brands in Yorkshire Bank, Clydesdale Bank, Northern Bank and National Irish Bank.  These businesses represent a very exciting platform for growth.  I believe there is a real opportunity to be innovative in this marketplace and to develop further the National's franchise in the UK."

John Stewart, 53, was previously Deputy Chief Executive of Barclays Plc where he headed the group's Personal Financial Services operation and Barclays Private Clients.  Before that he was chief executive of Woolwich, the retail bank that launched the ground breaking Open Plan banking offer.  Woolwich became part of the Barclays Group in 2000.