14 Mar 2013

National Australia Bank to restructure its operations

7:12 am on 14 March 2013

The Australian parent of the Bank of New Zealand is planning to restructure its operations to save up to $A800 million a year.

National Australia Bank says the strategy, which affects management, technology and its operating model, is needed to adapt to the changing needs of its customers and to capitalise on their links to Asia.

It says the initiatives will save about $A800 million a year by the end of the fifth year, partly offset by higher software charges, reinvestment and implementation costs.

The bank also announced a number of senior executive changes, though Andrew Thorburn remains in charge of the BNZ.