Aussies NAB ex-Barclays man

John Stewart, who stepped down as deputy chief executive at Barclays last month with a £1.5m pay-off, has swiftly found new employment as the next head of National Australia Bank (NAB) in the UK.

Yesterday he set out his strategy, including plans to push NAB's stable of regional banks, Yorkshire Bank, Clydesdale Bank and Northern Bank, into the south of England.

Mr Stewart also underlined the Australian bank's interest in snapping up more businesses in the UK. "I'd be delighted if we could be involved in consolidation. We have to concentrate on organic growth, but if the right acquisition came along and at the right price, it would get us there quicker," he said.

He was the latest senior executive at the former Woolwich building society to jump ship from Barclays when he left three weeks ago. Richard Meddings, Woolwich's finance director, went to Standard Chartered in October and Lynne Peacock, currently chief executive of Woolwich at Barclays, will leave in the first half of this year.

Integration targets Barclays set out for Woolwich are on track to be met, but there is speculation that the bank's senior management is not happy with the results. One analyst said: "Barclays is on track to meet its targets from the integration, but we think there are holes in the targets. Barclays also appears to be disappointed that the Open Plan products, which were Woolwich's jewel in the crown, have ended up cannibalising more of Barclays' existing business than it had hoped."

Mr Stewart denied there was any bad blood, saying: "I've got a lot of really good friends there. I wish them well." He is in line for a windfall of up to £900,000 for bedding down Woolwich and a year's salary and bonus, which last year totalled £779,000.He succeeds Steve Targett, who joins the board of Lloyds TSB.