Is NAB tightening the leash?

Piggybank on leashBNZ has just announced that it has appointed National Australia Bank’s group chief financial officer, Michael Ullmer, as a director, effective from last week.  Ullmer is the second most senior executive at NAG after CEO, John Stewart, and a possible successor to the top job.  NAB also recently appointed Australian Cameron Clyne to be the CEO at BNZ.  So it’s fair to assume that the BNZ board will have mixed feelings if the All Blacks and the Wallabies face each other in the next few weeks.  (I wonder if they own one of these?)

So, does this appointment mean that the BNZ, which previously had a reputation for having more freedom from Australian control than most New Zealand banks is about to lose some of that independence?


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