Stuart Grimshaw to Leave National Australia Bank - 8 January 2002

Stuart Grimshaw, Chief Executive of the National Australia Bank's Clydesdale and Yorkshire Banks has resigned.

Grahame Savage, Managing Director of National Australia Group Europe is to take over the day to day running of the banks, pending a permanent appointment.

Mr Grimshaw has been Chief Executive since August 2000. He is leaving to join the Commonwealth Bank of Australia.

Grahame Savage, who is based in Glasgow, has been Managing Director of NAG, Europe since 1998. Prior to that he was chief executive of Northern and National Irish Banks.

National Managing Director and Chief Executive Officer, Mr Frank Cicutto said: "We're sorry to be losing Stuart and wish him well for the future. In the meantime it is business as usual. Our UK banks have great opportunities for further growth in their traditional areas of operation as well as in our recently launched UK wealth management business."