The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Friday, July 22, 2011

NAB's Clyne disses Aussie bank's Asian expansion strategy

The banking bible, Banking Day, reports:

"Asian opportunities exaggerated: Clyne
22 July 2011 6:58am

National Australia Bank CEO Cameron Clyne voiced scepticism over the merit of banks investing in the Asian region, arguing that the bank could enjoy the fruits of the China boom under its present strategy.

Clyne said that a strong case could only be made for expanding offshore if there were select markets that were not well served by other banks in which NAB had core capabilities.

He said investment banks continued to press the merit of investment by NAB in Asia, and often cited the favourable exchange rate as one reason for doing so.

Clyne argued that it was important to put the currency to one side, as almost the last criteria.

Clyne was speaking to a gathering of alumni of the University of New South Wales in Sydney on Wednesday night. The Financial Review reported his remarks."