National Australia Bank Ltd (NAB) chief executive Cameron Clyne is watching the changes taking place in the UK financial sector before deciding whether his bank will expand in or exit that market.

The European Commission is forcing UK banking giants Lloyds Banking Group and Royal Bank of Scotland to divest significant parts of their businesses in exchange for government aid, to ensure that they don’t distort the market.

“There is now some talk about the UK market changing,” Mr Clyne said at an Australia-Israel Chamber of Commerce lunch on Monday.

“At the moment it remains speculative but we’re watching it very closely and are very keen to see how it develops.

“We’ve got one of two routes (in the UK) which is to expand or get out.”
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