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A National Australia Bank sign stands outside the company's headquarters in Sydney on Aug. 4, 2017.

David Gray/Reuters

National Australia Bank, the country’s third largest lender, on Monday named Canada-based banking executive Andrew Irvine to head its business & private banking division as the industry grapples with slowing revenues in a coronavirus-hit economy.

Irvine takes the helm as businesses and individuals struggle to pay back loans amid the health crisis with the lender earlier this month stating it is prepared to deny any more loans to customers who cannot repay.

Irvine, who is set to relocate to Melbourne and start at NAB on Sept. 1, was the head of the Canadian business banking division of Bank of Montreal, where he has worked in different executive roles since 2008.

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He takes over after Anthony Healy resigned from his role as the chief customer officer for business and private banking in April. The move also follows the appointment of Rachel Slade as group executive for personal banking in April.

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