NAB chief backs Yorkshire Bank
NATIONAL Australia Bank has pledged its support for its UK operations following speculation it may sell off Yorkshire and Clydesdale banks after credit ratings agency Moody's downgraded their debt rating.
Moody's said its action of cutting the banks' long-term bank deposit and senior debt rating to A2 from A1 reflected a "reduction" in the "likelihood of support".
However NAB, the banks' parent company, said there was no scaling down of support for its UK division. It owns the Clydesdale and the Yorkshire banks.
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