KEY POINTS:
BNZ chief executive Cameron Clyne is being tipped to take over from John Stewart at the National Australia Bank in Australia.
The Australian newspaper today reported that Mr Stewart will step down in a month or two.
Last week, NAB shares dropped 10 per cent, helping to drag the broader market down, after the bank announced an extra A$830 million ($1.1 billion) loss on its exposure to complex US mortgage-backed debt securities.
"The person who will take his job is rumoured to be Bank of New Zealand boss Cameron Clyne," the Australian said.
Such an appointment would be a high-risk strategy, "particularly against a background in which the New Zealand economy is dragging down the bank's performance and his relative lack of experience in real-world banking," said the newspaper.
Mr Clyne was appointed chief executive of the NAB subsidiary in March 2007 following two years as executive general manager of group development with NAB.
In his previous role at the NAB Mr Clyne's responsibilities included identifying business development and strategic opportunities, and leading the transformation of the group's major projects.
Before going into banking, he was managing partner of PricewaterhouseCoopers' financial services consulting practice across Asia-Pacific. He has also worked in PWC's practice in New York.
The Australian suggested an NAB executive, Ahmed Fahour, "would seem to be the natural choice ... but, inexplicably, the powers to be seem to have their minds elsewhere".
NAB's chief financial officer, Mark Joiner, was another internal candidate, but, like Mr Clyne, was short on banking experience.
- NZPA
