NAB loses Asia head

NATIONAL Australia Bank is on the hunt for a new head of Asia after the exit of the key executive leading its push into the growing region.

NATIONAL Australia Bank is on the hunt for a new head of Asia after the exit of the key executive leading its push into the growing region.

After a year heading Asian operations, Daryl Johnson has left to explore “other opportunities”. It has led to a new position — executive general manager international branches, including its Asian business and the small New York and London operations.

Some sources said the well-­respected Mr Johnson was effectively pushed out, citing the changes being made by new business bank chief Angela Mentis and questioning why he wasn’t installed in the international role.

“NAB has a long history in Asia, and we are committed to our Asia strategy, where we support Australian businesses in Asia and Asian businesses in Australia,” a spokesman said. “We have recently signed memorandum of understandings with banks in China and India.’’

Like most of Australia’s banks apart from ANZ, NAB has opted for a capital-light approach in Asia of following customer demand, rather than building a large presence on the ground.

This year, NAB plans to open a branch in Beijing, its second in China, expanding staff to 60 from 36. Mr Johnson, a former head of NAB’s small and medium-sized business unit, was appointed head of Asia in late 2013.