National Australia Bank has brought in a former Bank of America executive to become its new group executive for finance and strategy.

Craig Drummond joins the firm after four years at BoA Merrill Lynch Australia, where he served as chief executive and country head. Prior to that, he was with Goldman Sachs JBWere as CEO and chief operating officer. 

He starts at his new role at NAB towards the end of 2013. 

The hire is the result of an "extensive executive search," said the firm in a statement. He replaces Mark Joiner who is retiring after seven years with the Melbourne-based lender. 

Drummond joins NAB on the same remuneration package as Joiner, who earned around A$3.7 million ($3.4 million) in 2012, but will not be an executive director at the board. The company has also committed to paying him for deferred employment incentives valued at A$6.5 million in a combination of cash and equity, which he will forfeit in joining NAB. This will be progressively paid until 2016.