Ian Saines, NAB’s Chair-Elect: A Markets Banker From CBA’s Top Table Takes On the Country’s Biggest Business Bank

National Australia Bank has chosen a career financial markets banker with deep roots at a major rival to lead its board. Ian Saines, a former group executive at Commonwealth Bank, will become NAB’s chair in July 2027, the bank announced on Monday 9 November.

The appointment

Mr Saines will join the NAB board as a non-executive director in March 2027 and become chair in July 2027, replacing Philip Chronican, who will stand down after 11 years with NAB, including eight as chair. The appointment is subject to regulatory approval, and Mr Saines will be nominated for election by shareholders at NAB’s annual general meeting in December 2027.

Mr Chronican joined the board in 2016 and was acting group chief executive from February to November 2019, after which he became chair. NAB describes him as the longest-serving current chair of a major Australian bank.

The career

According to NAB, Mr Saines’ first full-time role was with the Reserve Bank of Australia as an undergraduate. He then spent 15 years at Bankers Trust Australia, latterly as executive vice president and co-head of its global metals and mining industry group, and co-founded Zurich Capital Markets Asia, where he was managing director.

He was at Commonwealth Bank from 2004 to 2013, including five years as Group Executive, Institutional Banking & Markets, reporting to the chief executive, after five years as executive general manager of institutional banking. From 2015 to 2019 he was chief executive, funds management, at Challenger, which at the time had $80 billion of funds under management, after which he retired from full-time executive roles.

His board roles have included Macquarie Bank since 2022, from which he resigned to join NAB; NSW Treasury Corporation since 2020, where he chairs the board investment committee; deputy chair of the United States Studies Centre; and 16 years as a director of NYSE-listed Air Lease Corporation until April 2026. He holds a Bachelor of Commerce (Economics) with first class honours from the University of New South Wales.

Why NAB chose him

“Ian is well placed to lead the NAB Board given his deep knowledge of financial services from the perspectives of major Australian and international finance and wealth organisations,” Mr Chronican said. “This aligns with our focus on ensuring that we have deep banking experience on the Board to lead NAB through an uncertain period for the industry and the country.”

In his words

Mr Saines said he was humbled to take on the role. “NAB is an important contributor to the Australian economy as the largest business bank in the country and a major supporter of consumer customers,” he said. “This role becomes even more important today in helping customers and communities navigate difficult economic conditions and prepare for an uncertain future.”

“At the same time NAB, like all banks, faces challenges from within the industry, new entrants and new technologies. That only reinforces NAB’s declaration and need to be customer obsessed,” he said. He added that he was “acutely aware of the responsibilities leading one of Australia’s largest banks and supporting Andrew Irvine as CEO and the senior leadership team.”

The inheritance

Mr Saines will take over a bank that last week reported a 13.4% fall in cash earnings, higher bad-debt charges and strong growth in business lending, and that has flagged a slowing economy. For NAB’s business customers, the choice of a chair steeped in institutional and markets banking signals continuity in the bank’s focus on commercial lending.

Sources: NAB media release, “National Australia Bank appoints Ian Saines as Chair-elect” (9 November 2026); The Sydney Morning Herald (9 November 2026); NAB 2026 Full Year Results (5 November 2026).