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Ian

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08:05 am: Frank falls on his sword
Following irregularities in foreign exchange dealings at his bank, National Australia Bank's CEO Frank Cicutto resigned yesterday 'in the best interests of the bank'. NAB owns major NZ bank BNZ and UK banks Yorkshire and Clydesdale. This news is of major interest in the banking industry here, but I'm not sure whether there will be a long term impact. Certainly all the banks can expect a thorough going over from regulators and auditors. A$360m is a lot of anyone's money. That is all.

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