National Australia Bank CEO John Stewart is pondering a foray into the general insurance market. A bank spokesman has confirmed the group is looking to expand its operations, but says insurance is “relatively low” on its wish list.

Speaking to the media after the bank’s latest results, Mr Stewart did not rule out a move into general insurance. He said the NAB would have to be very careful with any insurance operation and would consider it only as part of a joint venture, with shared risk.

Mr Stewart has experience in general insurance, setting up an operation while CEO of the Woolwich Bank in the UK. He became Deputy CEO of Barclays Bank when it acquired Woolwich in 2000.