National Australia Bank on Monday named Ian Saines, a former Macquarie Bank director, as chair-elect and non-executive director, Reuters reported. He will replace Philip Chronican, who will stand down from the board after 11 years with the bank.
Saines will join the board in March 2027 and become chair in July 2027. NAB said in a statement that he will be nominated for election by shareholders at its annual general meeting in December 2027.
ALMOST A DECADE AT THE COUNTRY’S TOP LENDER
Saines had been an independent voting director of Macquarie Bank since 2022. He spent almost a decade at Commonwealth Bank of Australia, including five years as Group Executive, Institutional Banking and Markets, reporting to the chief executive, and held senior roles at investment manager Challenger.
His biography at the United States Studies Centre lists earlier roles as chief executive of funds management at Challenger, managing director at Zurich Capital Markets Asia, executive vice president at Bankers Trust Australia and various posts at the Reserve Bank of Australia. Other board seats listed there include the Treasury Corporation of NSW and the Los Angeles-based Air Lease Corporation.
CHRONICAN'S YEARS AT THE TOP OF NAB
Chronican joined the NAB board in May 2016 and has been chair since November 2019, according to the bank's board page. He also served as interim group chief executive from March to November 2019.
His executive career included responsibility for the retail and commercial business of ANZ in Australia and, before that, a long career at Westpac, where he was group chief financial officer and group executive of its institutional business.
A NEW CHAIR AFTER A WEAKER YEAR
NAB reported its 2026 results on 5 November. Net profit for fiscal 2026 fell 9.1% to A$6.14 billion and underlying cash earnings fell 13.4%, while the total credit impairment charge rose to A$1.5 billion from A$833 million.
The bank plans to cut up to 2,500 roles by September 2027 as it simplifies its operating model, and chief executive Andrew Irvine has set priorities of growing business banking, driving deposit growth and strengthening proprietary home lending. "The actions we’ve taken reflect our expectation of a tough year ahead," the bank's results release said.
THE TGB VIEW
NAB ranks 22nd in the TGB Bank Rankings for Asia-Pacific, with US$732.2 billion of assets and a 10.7% return on equity for the year to September 2025, behind Commonwealth Bank at 17th with 12.8% for the year to June 2025. NAB's Business and Private Banking and its Corporate and Institutional Bank account for about 75% of underlying profit, and Saines brings five years running institutional banking and markets at Commonwealth Bank. The dates to watch are his arrival on the board in March 2027, the chair in July and the shareholder vote at the December 2027 annual meeting.
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