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A new chief executive has started at the major bank, following the departure of Ross McEwan.
Andrew Irvine officially started as head of National Australia Bank (NAB) today (2 April), taking over from former CEO McEwan – who has now retired from executive roles after 40 years in the industry.
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Irvine has worked at NAB for the last three years as the group executive for business and private banking and has held a range of senior banking roles at different banking institutions, including Bank of Montreal and Credit Agricole.
It is believed that the new NAB CEO is pro-broker and that the major bank will continue to invest in the third-party channel over his leadership.
Speaking last month, Irvine said: “I am excited by the opportunity to lead NAB, a bank that is core to the financial needs of so many Australians and New Zealanders.
“I have learned a great deal from Ross during his time as CEO. NAB is on the right trajectory to being a better bank and I will work with my colleagues to continue executing our strategic ambitions.
“I am very mindful of the responsibility of taking what has been built and continuing to grow our positive impact. This should benefit customers, colleagues and shareholders alike.”
At the time of the leadership change announcement, McEwan said: “Andrew is a highly capable, internationally experienced banker who brings the right lens to us wanting to be Australia’s best relationship-driven bank.
“I have enjoyed the past four-plus years as CEO and the way in which NAB has improved its performance, standing, trust and reputation. I said when I joined NAB that Australians deserved for NAB to be a world-class service provider and we are now closer to that ambition.
“I am confident to be leaving the bank’s customers in good hands with Andrew and the team.”
McEwan concerned about housing supply
In a video update reflecting on his banking career, McEwan noted that the finance industry had changed drastically over the last four decades – particularly noting the “big shift” to digital transactions and a cashless society.
He added that he believes the “biggest challenge going forward” for banking will be “holding on to the great work that’s been done science the [banking] royal commission, the refocusing of all of [NAB] colleagues on doing good things for customers and … staying relevant to customers and staying very strong with the purpose of banking, which is an absolutely honourable purpose of helping customers with their financial needs”.
However, he added that one of the biggest issues he was concerned about for the state of housing in Australia was the supply issue.
“We just don’t have enough of it here in Australia (and New Zealand for that matter) and that will slow down the growth of this economy because if you don’t have houses for migrants to come into we [will] soon be cutting off the migration levels coming into the countryside,” McEwan said
“So, we’ve got to get housing going so we can actually get more migration of the right types to help grow this economy … And if we don’t, then I think Australia will slow down accordingly. Thus, the real demand for housing is critical in Australia and in New Zealand and I think if we can solve that, we can keep this economy growing at a good pace and keep productivity lifting of the Australian marketplace, which will make us better and better as we export overseas as well.”
Irvine, who has been NAB’s group executive business and private banking since 2020, also takes on the position of Australian Banking Association chair from McEwan, on behalf of NAB.
[Related: Ross McEwan to step down as NAB CEO]
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