NAB names new chief executive

In a statement to the ASX this morning, NAB chairman Michael Chaney announced that Mr Clyne will be replaced by Bank of New Zealand executive Andrew Thorburn, who will take up the reins of the banking group subject to regulatory approval.

"We have built a strong foundation for future growth with the revitilisation of the personal bank, grown our already strong position in business banking, and achieved material improvements in our customer satisfaction and reputation," the outgoing CEO said.

"We have also worked methodically through our legacy issues while still making transformational change in our technology."

Mr Chaney said NAB is "well positioned for the future" as a result of Cameron Clyne's tenure, describing the outgoing boss as "highly regarded throughout the bank and externally".