The assurance has come after the announcement that NAB are to cut around 1,700 jobs at its two UK operations in a move to save £117 million a year. The redundancies at the Yorkshire and Clydesdale banks will take place over the next 12 to 18 months.
In February, as revealed exclusively in Mortgage Introducer, NAB reaffirmed its commitment to expanding its UK market share, saying that intermediaries will be key to its growth and has moved to reinforce the commitment.
Yolande Stratford, spokeswoman for NAB, said: “The redundancies are mainly back-office roles and not relating to third-party distribution. Intermediaries are a vital part of our expansion into the mortgage market.”
The bank’s UK chief executive, Lynne Peacock said that two key areas for the bank’s UK business plan were: a simplified product range, more product support and actively managing margins; and third-party distribution of mortgage products.
She added: “We have completed the sale of our Irish operations and are now concentrating on ensuring our UK businesses are more nimble and customer-focused. We have made it clear that we are committed to a strong presence in the UK but to do so we must change the way we do business.”
The National’s chief executive John Stewart said work was progressing well to restart revenue and improve efficiency while enhancing the focus on customer service.
Chris May, director of The Mortgage Times Group, said: “This news has to cast a slight doubt over its long-term aims but, more than likely, it’s just a streamlining and cost-cutting episode.”
