National Australia Bank, Australia's largest bank by assets, said on Wednesday it would not engage in a "desperate fire sale" of its UK unit, as it announced restructuring plans to save up to A$800 million ($825 million) a year. NAB, like other "Big Four" Australian banks, has been generating record profits based largely on the domestic lending market but has been hamstrung by its poorly performing UK operations. "The UK is clearly a problem asset," NAB chief executive Cameron Clyne said at an analyst briefing. "But there have been very, very limited options that we could have undertaken." Clyne said NAB had decided to take a long-term view of its UK operation, rather than rush to a "desperate fire sale" which shareholders did not support. "We will continue to manage the UK," he said. "There may be a point that we cut and take some issue with the UK, but I don't think that is practical."