CLYDESDALE and Yorkshire banks could be put up for sale after the new boss of parent group National Australia Bank launched a wide-ranging review of the business.

Cameron Clyne, who took over from John Stewart as chief executive of NAB on January 1, has signalled his “clear, unambiguous goal” will be to deliver shareholder return.

The banks are thought to be at risk because investors are unhappy with what they see as lower returns from the British operations. NAB shares have underperformed in recent years as Stewart sought to restore its reputation after a foreign-exchange scandal.

Clyne’s review is understood to include all aspects of the business including a possible sale of the British banking interests.

Clyne, 40, has already stamped his authority by taking over NAB’s profit-driving Australian businesses in addition to the group role.

NAB has denied stories saying he plans to move the chief executive’s office from Melbourne to Sydney to be close to institutional investors.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive