The chief executive of the National Australia Bank, John Stewart, has ruled out a move into the Chinese wealth management and banking market...

The chief executive of the National Australia Bank, John Stewart, has ruled out a move into the Chinese wealth management and banking market because of restrictions on foreign ownership. “We will not be buying stakes in Chinese banks if all I can buy is 20 per cent,” Mr Stewart said. Scottish born Mr Stewart, who has watched banks from his native Scotland and from Australia take strategic stakes in Chinese lenders, says he does not believe NAB – which also owns Scotland’s Clydesdale Bank – will be left behind if it does not move into China. “Left behind assumes that we want to do it,” he said. “I’m geographically agnostic. I don’t care where I make money. If I can make money in Asia, I will be delighted. “But if I am able to make money in Europe, I will be delighted as well.” Mr Stewart’s comments are at odds with major banking groups such as the Royal Bank of Scotland, which paid around £830 million for a 5 per cent stake in China’s second largest bank, Bank of China, last year. Two of NAB’s main Australian rivals have also made China moves. The Australia and New Zealand Banking Group last week announced its second Chinese acquisition, the £131 million purchase of 19.9 per cent of Shanghai Rural Commercial Bank. ANZ bought a similar stake in Tianjin City Commercial Bank last Decenmber for £62 million. The Commonwealth Bank of Australia has also made several Chinese investments.