Miles said:

NAB’s Results

The following comment from NAB’s results briefing today sums up our thinking regarding the issues facing the sector. I thought the directness of the comment also reflected well on the new management team within the group.  

“If you believe that the status quo will remain that is that we will have two pillars and two stumps, there will be no intervention from government, no intervention from regulators, no resurgence from second tier banks, no resurgence of regional banks, no new competitors then the repositioning of NAB’s personal bank will not be the right strategy. However if you believe as we do that any or all of those are highly likely and in some cases inevitable then we are on exactly the right path.”

Cameron Clyne, Group Chief Executive Officer

National Australia Bank

Thursday, May 6th, 2010

Yes or no?