NAB's dissident director resigns

Catherine Walter, the National Australia Bank (NAB) director who criticised a report into the bank’s forex options trading scandal, resigned last week.

Her departure ends a struggle with the rest of NAB’s board of directors, after she called on them, herself included, to step down to take collective responsibility for the A$360 million (US$280 million) forex losses.

She said last week her efforts were made for the long-term interests of the bank, its shareholders, customers and staff.

Chairman Graham Kraehe, who replaced Charles Allen after NAB discovered the forex losses in January, is currently pursuing a process of board renewal. Last week the bank announced the retirements of directors Ken Moss and Ed Tweddell, and the appointment of Malcolm Williamson, formerly credit card firm Visa International's president and chief executive.

Kraehe said he would resign no later than mid-2005.