Mr Thorburn’s decision to step down from the role follows NAB’s decision in October 2014 to exit its UK banking business.
In announcing its intentions to exit the UK business due to “disappointing” financial results in 2014, NAB recently sold £1.2 billion of its high-risk UK real estate loans.
NAB chief executive Andrew Thorburn said via a statement on the ASX that he been in conversation with Mr [David] Thorburn about the future of the business.
“Since our announcement in October 2014 that we intend to examine a broader range of options to accelerate the exit from our UK banking business, David and I have been having ongoing discussions about the future.
“David’s decision is understandable given what is now required,” he said.
Mr [David] Thorburn who became chief executive of the UK bank in 2011 said now was the right time for new leadership.
“Having been CEO for almost four years, I came to the view that it was in the best interests of the business for me to stand down at this time and allow an injection of new leadership to take place.
“I’m proud of the work my team and I have undertaken during my tenure as CEO, and I leave knowing that Clydesdale and Yorkshire banks are in much better shape,” he said.
