National Australia Bank Ltd (ASX: NAB) shares are in focus today after the bank announced leadership changes.
NAB recently saw its boss, Ross McEwan, step down and be replaced by Andrew Irvine. Mr Irvine has been quick to make appointments with NAB’s leadership team.
NAB’s new leadership team
At the end of April, Rachel Slade will be appointed as the ASX bank share’s new group executive of business and private banking – she’s currently the group executive of personal banking.
Ana Marinkovic is going to be appointed the group executive of personal banking – she is currently the executive of business direct and small business in the business and private banking team.
Cathryn Carver has been appointed the group executive of corporate and institutional banking.
The new NAB CEO, Andrew Irvine, said he was delighted with all of the appointments and pointed out they were from within NAB’s senior leadership team, “helping ensure alignment in delivering for the bank’s customers and colleagues.”
Irvine also said all three executives had a track record of helping customers succeed “while getting the basics of banking right”.
Management commentary
NAB CEO Irvine said:
Rachel, Ana and Cath, who will lead NAB’s customer-facing businesses in Australia, are great relationship bankers who inspire their teams to deliver results for customers. They understand the importance of using technology and data to make NAB easier and simpler to bank with.
This completes the executive leadership team that will take NAB forward and maintain the momentum we have across the business by executing with discipline and focus.
We see plenty of opportunities to build on NAB’s leadership in areas such as business lending, particularly to small and medium businesses, while continuing to deliver better outcomes for customers and colleagues.
My thoughts on the NAB share price
The NAB share price has climbed 19% in six months even though arrears are rising and the net interest margin (NIM) is being challenged because of competition in the sector. The NIM tells us the loan interest rate compared to the cost of funding the loans (eg savings accounts)
I like NAB in the banking sector, but the higher NAB share price means it’s now trading at a high valuation considering the economic conditions. I’d wait for a better price, or choose different ASX dividend shares.
