A ratings agency has highlighted apparent downsides to National Australia Bank's ownership of Clydesdale Bank amid concerns about the prospects for the European economy.
Fitch said the group's holdings in the UK had weighed on earnings at NAB and left it facing risks some big rivals did not have to consider.
"NAB's UK operations leave it more susceptible to a downturn in Europe than its major Australian bank peers and this is reflected in the group's lower-than-peer profitability," said Fitch.
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