Jump to content

National Australia Bank

From Wikipedia, the free encyclopedia
For other uses, see National Australia Bank (disambiguation).

National Australia Bank Limited
Company typePublic
IndustryBanking, financial services
Founded1 October 1981 (as National Commercial Banking Corporation of Australia Limited)
Headquarters395 Bourke Street
Melbourne, Australia
Area served
Australia
Key people
ProductsBusiness banking
Consumer banking
Wholesale banking
Wealth management
Insurance[1]
Decrease A$20.65 billion (2024)[2]
Decrease A$6.98 billion (2024)[2]
Total assetsIncrease A$1.08 trillion (2024)[2]
Total equityIncrease A$62.21 billion (2024)[2]
Number of employees
38,996 (2024)[2]
Divisions
SubsidiariesBank of New Zealand
Websitenab.com.au

National Australia Bank (abbreviated NAB, branded and stylised as nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The Big Four") in terms of market capitalisation, earnings and customers.[3][4] NAB was ranked the world's 21st-largest bank measured by market capitalisation[5] and 52nd-largest bank in the world as measured by total assets in 2019.[6]

As of January 2019, NAB operated 3,500 Bank@Post locations—including 7,000+ ATMs across Australia, New Zealand, and Asia—and served 9 million customers.[7]

NAB has an "AA−" long-term issuer rating by Standard & Poor's.[8]

History

[edit]

1982–1999

[edit]
The Meeniyan National Bank of Australasia, now located at Old Gippstown in Moe

National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia and the Commercial Banking Company of Sydney. The resulting company was subsequently renamed National Australia Bank Limited.[9]

The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. Representative offices were established in Beijing (1982), Chicago (1982), Dallas (1983), Seoul (1983, upgraded to a branch in 1990), San Francisco (1984), Kuala Lumpur (1984), Athens (1984, closed 1989), Frankfurt (1985, closed 1992), Atlanta (1986), Bangkok (1986), Taipei (1986 upgraded to branch 1990), Shanghai (1988, closed 1990), Houston (1989) and New Delhi (1989).

In 1987, NAB bought Clydesdale Bank (Scotland) and Northern Bank (Northern Ireland and Republic of Ireland) from Midland Bank. It rebranded Northern Bank branches in the Republic of Ireland to National Irish Bank and changed both banks' logos from that of the Midland Bank. In 1990, NAB bought Yorkshire Bank (England and Wales).

In 1992, NAB purchased the Bank of New Zealand, which became a subsidiary of the Australian bank, but retained local governance, with a New Zealand board of directors.[10] At some point, a business entity known as Bank of New Zealand in Australia (BNZA) was absorbed by NAB.[11]

Further acquisitions followed – which at the time had about a 26% market share in the market, and Michigan National Bank (MNB) in 1995. NAB had earlier rationalised its operations in the US and closed its offices in Atlanta, Chicago, Dallas, Houston, and San Francisco in 1991.

This period of rapid expansion through acquisition concluded with the purchases in 1997 of HomeSide Lending, a leading US mortgage originator and servicer based in Florida, and most significantly, the acquisition in 2000 of MLC Limited (and related entities) for $4.56bn, one of the biggest mergers in Australian corporate history.

2000s

[edit]

NAB encountered a difficult period in the period 2000–2005. In 2000, NAB sold Michigan National Bank to ABN AMRO, then in 2001 sold HomeSide's operating assets for US$1.9b to Washington Mutual, the largest US savings and loan company, as well as the mortgage unit's loan-servicing technology and operating platform.

The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto and Chairman Charles Allen.[12] The resignations were preceded by a Board revolt where Catherine Walters emerged as a whistle blower citing serious culture issues at the company having led to the string of failures.[13]

Frank Cicutto was CEO of NAB from 1999 to 2004. The Australian economic environment during his leadership was stable and productive after 17 consecutive years of economic growth since 1992, averaging 3.3 per cent per annum.

In February 2004, John Stewart was appointed CEO of NAB following the sacking of Cicutto.[14] Stewart proceeded with a far reaching re-organisation of the company along regional lines leading to the appointment of Ahmed Fahour as the CEO of Australia in September 2004.[15] On 20 February 2009 Fahour stepped down from the principal board and group executive committee.[16]

In 2005, NAB announced a cut of 2,000 Australian jobs as part of a global cost-cutting program with the intention of cutting around 4,200 positions – about 10.5% of its total workforce globally.[17]

It began to outsource back office positions offshore, beginning with a pilot with 23 jobs from the accounts payable department in Melbourne going to Bangalore, India in an agreement with Accenture.[18] Later that year, it sold Northern Bank and National Irish Bank to the Danish Danske Bank. Over 200 additional jobs had been sent offshore by 2006.[19]

As part of the culture change program, a new Australian head office was purpose built at Docklands in Melbourne. This building is characterised by its open plan layout and was officially opened in October 2004.[20][21] After Cameron Clyne became CEO in 2009, the Docklands building became the global headquarters replacing 500 Bourke Street.

By 2006, NAB had turned its fortunes around, reporting an industry record $4.3 billion profit and winning two local Bank of the Year awards. It also had a major reform which included the refurbishment of all of its branches, and the replacement of signage in and around National branches and buildings, being changed from 'National' to 'nab'.

In May 2007, NAB announced that it would delist from the New York Stock Exchange,[22] and this took place in August 2007. NAB delisted from the London and Tokyo exchanges in 2006.

In March 2008, NAB announced that it would send maintenance and support for some core banking applications to India through an offshoring arrangement with Infosys and Satyam, affecting another 260 employees.[23]

On 25 July 2008, NAB's announcement of an additional A$830 million provision associated with deterioration in US real estate markets triggered the biggest single-day fall in its share price in 21 years, wiping over A$7 billion from the stock's value.[24]

In October 2008, NAB launched a branchless direct bank trading separately as UBank under the leadership of Greg Sutherland and Gerd Schenkel.[25]

In January 2009, Cameron Clyne became CEO,[26] and began a strategy of reputation change, wealth management and a focus on domestic markets.

As part of this strategy, NAB's underweight retail bank – under the leadership of Lisa Gray – attempted to increase market share by competing on price and cutting fees.[27] Initially denting earnings in the division,[28] the strategy produced mixed results over the medium term, with cash earnings, market share and customer satisfaction rising, but operating margin and cost to income ratio worsening since it began in 2009.[29][30] In line with the strategy, NAB attempted to differentiate itself from the other "Big 4" Australian banks in a large, national public relations campaign centred around a theme of "breaking up" with the other banks on Valentine's Day 2011.[31] The campaign received both a positive[32][33] and negative[34][35] reception. It also attracted swift competitive responses from other major banks.[36] The campaign won an advertising award at Cannes.[37]

In 2009, NAB acquired the mortgage business of Challenger Financial Services for $385 million, in order to boost its market share in the broker channel. The purchase also included the PLAN, Choice, and FAST mortgage aggregation businesses and approximately 17.5% in Homeloans Ltd.[38] In June that year it paid A$825m ($660m:£401m) for UK insurer Aviva's Australian wealth management businesses, including their Navigator platform. NAB beat off competition from AMP for Navigator.[39] news In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere, for A$99m.[40]

In December 2009 NAB began a nine month attempt to purchase Axa Asia Pacific. This attempt was blocked twice by the Australian Competition & Consumer Commission. The first time, in April 2010, was because the regulator believed that the merger would cause a substantial lessening of competition in the retail investment platform market. NAB subsequently lodged a revised bid which aimed to address these concerns but was rejected a second time in September of that year.[41] The Axa deal's drawn out process drew criticism for the bank's underperformance.[42]

2010s

[edit]

NAB's poor 2012 financial results called its strategy into question:[43][44] net profit dropped by 22% compared to the previous year.[45] In 2014, the NAB Melbourne Government announced that Cameron Clyne would be succeeded as CEO by Andrew Thorburn, NAB's New Zealand head.[46] In August 2014, Lisa Gray left NAB as part of a broader set of executive changes.[47]

As part of a strategy to focus NAB on its domestic markets,[48] the bank listed its US subsidiary, Great Western Bank, on the New York Stock Exchange in October 2014 as part of an initial public offering.[49] NAB sold its final 28.5% holding in Great Western in July 2015.[50]

National Australia Bank Building in Brisbane

In May 2015, NAB also confirmed it would demerge its Clydesdale and Yorkshire Bank business in the UK, through an initial public offering.[51] The business was partially floated on the London Stock Exchange and Australian Securities Exchange under a new holding company, The CYBG plc, in February 2016, with the remaining shares distributed to NAB's shareholders.[52]

In July 2019, Ross McEwan was appointed group chief executive officer and managing director, after resigning from the Royal Bank of Scotland in April of that year.[53]

2020s

[edit]

In January 2021, NAB announced plans to acquire the neobank 86 400 for $220 million and subsequently merge it with UBank.[54]

In May 2021, NAB completed its sale of its advice, platforms, superannuation and investments and asset management businesses to IOOF Holdings. As part of the MLC Wealth Transaction, NAB retained the companies that operated the advice businesses.[55]

In September 2021, NAB temporarily rebranded their logo to JAB to promote vaccines for COVID-19.[56]

In the first half of 2022, NAB relocated its global headquarters from 800 Bourke Street Docklands to a new natural light and greenery purpose built 39 storey building at 395 Bourke Street. The move also replaced National Bank House at 500 Bourke Street. The bank currently has 2 main buildings for employees at 700 Bourke Street Docklands and the new 395 NAB Place.

On 1 June 2022, National Australia Bank Limited (NAB) acquired the consumer banking business from Citigroup Pty Ltd (Citi), an Australian branch of Citibank.[57]

On 19 January 2023, NAB announced that it would create a stablecoin called the AUDN that would be pegged to the Australian Dollar, and that the digital asset would be on the Ethereum network. The objective is to streamline cross-border banking transactions, and will also be used for trading carbon credits. AUDN is expected to be live in mid-2023.[58]

Corporate affairs

[edit]

Chief Executives

[edit]

The following individuals have been appointed to serve as chief executive:

# Name Term start Term end Ref
1 Jack Booth 1 January 1983 1985 (1985) [59]
Vic Martin 1 January 1983 1983 (1983) [60]
2 Nobby Clark 1985 (1985) 1990 (1990)
3 Don Argus AO 1991 (1991) 1999 (1999)
4 Frank Cicutto 1999 (1999) September 2004 (2004-09)
5 John Stewart September 2004 (2004-09) 31 December 2008
6 Cameron Clyne 1 January 2009 August 2014 (2014-08) [61]
7 Andrew Thorburn August 2014 (2014-08) February 2019 [62][failed verification]
8 Ross McEwan December 2019 April 2024 [63]
9 Andrew Irvine April 2024 incumbent [64]

Chairs

[edit]

The following individuals have been appointed to serve as chairman of the board:

# Name Term start Term end Ref
1 Sir Robert Law-Smith CBE AFC 1 January 1983 1986 [65][66]
2 Sir Rupert Clarke 1986 January 1992
3 Bill Irvine OAM January 1992 September 1997 [67]
4 Mark Rayner September 1997 2001
5 Charles Allen AO 2001 February 2004
6 Graham Kraehe AO February 2004 September 2005
7 Michael Chaney AO September 2005 December 2015
8 Ken Henry AC December 2015 July 2019 [68]
9 Phil Chronican December 2019 Incumbent

Overview

[edit]

The National Australia Bank Group is organised into eight divisions, spread across two geographic regions.

Region Division Description
Australia Business and Private Banking
  • Australia's largest business bank (by assets)[69]
  • Employees: 5,427
  • ~700,000 clients
  • 2022 cash earnings: A$3.013bn[55]
Personal Banking
  • Australia's fourth largest retail bank
  • Employees: 8,706
  • ~3,000,000 customers (~100,000 UBank customers)
  • Brands include: NAB Retail, UBank, 86 400, Homeside and Advantedge
  • 2022 cash earnings: A$1.591b[55]
UBank & 86 400
  • An internet centric direct bank with no physical branches
  • ~A$15bn deposits
  • ~600,000 customers [70]
MLC & NAB Private Wealth
  • 5,909 employees
  • Investment, superannuation, insurance and private wealth solutions to individual investors and corporate customers
  • Brands include: MLC, JBWere, Navigator, Plum, JANA, NAB Private Wealth
  • 2011 cash earnings: A$533m[71]
  • MLC Wealth (presented as a discontinued operation in 2022).
New Zealand NZ Banking
  • Bank of New Zealand
  • Retail, business and agribusiness banking and insurance services
  • Employees: 4,641
  • ~1 million customers
  • 2022 cash earnings: A$1.295b[55]
Global Corporate and Institutional Banking
Specialised Group Assets
  • Bad bank containing approximately A$15 billion of exposures including CDOs and high yield debt
  • Created in aftermath of the Global Financial Crisis
  • Aim for orderly wind down of assets over time
  • 2011 cash earnings: A$110m[71]
Corporate Functions and Other
  • Includes the Group's operations in Asia, as well as Group Funding and other service functions
  • 2022 cash earnings: -A$423m[55]

Technology

[edit]
NAB bank ATM

NAB is a large user of the Siebel and Teradata CRM systems.[72][73] While NAB has received recognition as an early adopter and leader in CRM (Customer Relationship Management)[74] the system was reinvigorated in 2004–5 as part of the broader turnaround to support the new focus on cross-selling.[75][76]

In 2006, NAB was named the winner of the IFS/Cap Gemini Financial Innovation awards for its CRM system, internally called "National Leads".[77]

On 25 November 2010, NAB suffered a system malfunction resulting in the failure of accounts processing.[78] As a result, around 60,000 banking transactions were lost, and had to be manually recovered.[78] The malfunction was caused by a corruption of an irreplaceable system file.[78] This issue has been dubbed by some commentators as one of the biggest failures in the history of the Australian banking system.[79]

Under Cameron Clyne's leadership, NAB began to upgrade its core banking platform in a project dubbed "NextGen". The project involves the replacement of its legacy systems which are up to 40 years old with an Oracle-based solution.[80] UBank was reported to be the first beneficiary of this project.[81][82] In total, the project was expected to be completed in 2014 and cost $1 billion.[83]

As of April 2014, NAB's "NextGen" program was said to suffer from "growing problems".[84]

In July 2020, NAB signed an agreement with Microsoft to further develop its multi-cloud computing strategy including the migration of key applications to the cloud while accelerating development and innovation.[85]

In September 2020, The National Australia Bank partnered with crowdsource security firm Bugcrowd to launch a bug bounty program, which offers a reward to security researchers who can find previously unknown vulnerabilities in the bank's system. Would be participants must have an "Elite Trust Score" on Bugcrowd.[86]

Corporate responsibility

[edit]

In 2008, NAB invested $33.5 million in corporate responsibility initiatives. Its target is to spend 1% of cash earnings before tax in this area.[87] In 2009, NAB became the largest Fairtrade accredited workplace in Australia through purchasing Fairtrade tea, coffee and hot chocolate for their offices and retail branches.[88] In March 2010 NAB stated it expected to save nearly $1 million in annual power costs from a $6.5 million tri-generation plant at its main data centre.[89] NAB became one of Australia's largest carbon neutral companies in September 2010.[90] NAB ranked equal first among financial service companies in the Global 500 companies in the 2010 Carbon Disclosure Leadership Index.[91]

Sponsorship and scholarships

[edit]

In 2013 NAB emerged as a sponsor of Australian rules football, both at grassroots and elite level. It supports Auskick, an initiative to improve young footballers, as well as the NAB Cup (an Australian Football League pre-season competition), the NAB AFL Rising Star award; and the AFL National Draft. Other significant sporting sponsorships included the Socceroos, the 2006 Commonwealth Games, and was the main shirt sponsor of the South Sydney Rabbitohs between 2008 and 2010.[92]

Support is also given towards community group volunteers around Australia. In recent years, NAB has provided financial support and relief to drought affected farmers and helped in the clean-up of flood affected in Queensland and Victoria. NAB has also sponsored the Sheikh Fehmi El-Imam Scholarship, designed to help strengthen the links between NAB and the Muslim community and enables an undergraduate student to continue post-graduate studies in finance and economics.[93]

The National Australia Bank is the AFL Women's current and inaugural naming rights partner.[92]

Controversies

[edit]

Foreign currency trader staff fraud

[edit]

In 2004, NAB discovered that as a result of unauthorised spot trades on its foreign currency options desk, losses totalling A$360 million had been covered up. Investigations by PricewaterhouseCoopers and the Australian Prudential Regulation Authority highlighted a need for cultural change. The losses were a result of a failed speculative position where the traders falsified profits to trigger bonuses over a number of years. In order to actually generate the reported profits, the traders speculated on the US dollar, betting that it would rise against the Australian dollar and other currencies. In 2006, two former NAB foreign currency options traders were sentenced on charges brought by the Australian Securities and Investments Commission (ASIC) and incurred jail terms.[94]

Financial planner misconduct

[edit]

Acting on a customer complaint, an Australian Securities & Investment Commission (ASIC) investigation found that between 1997 and 2001, a NAB financial products seller, Paul Drakos, working out of a northern Sydney branch at Hornsby made recommendations to a number of NAB clients, mostly retirees, to invest in BSI Corp,[95] an entity based in the Bahamas which was not a NAB approved investment product. According to ASIC, at least $6.2m was subsequently transferred from the overseas accounts in the Bahamas and the Dominican Republic back to a private company account, held for Strategic Investments Group ACN 080 924 036 and controlled by a single director, the same Paul Drakos. Funds were then applied from this account as loans disguised as investments to a number of failed business opportunities among his familial associates including a golf driving range on the Central Coast of NSW, a plumbing business, and futures and commodities trading. The land holdings, as inflated securities,[96] were also used by the failed Allco Hit.[97] The NAB employee was not officially connected with BSI but gave instructions to agents based in Canada to arrange for the transfer of funds back to Strategic Investments Group and other accounts. On 29 May 2006 the NAB employee pleaded guilty to 8 counts of dishonestly obtaining a financial advantage by deception, 2 counts of fraudulent misappropriation and 3 counts of making and using false documents. There is also a connection, not yet pursued by ASIC, to the collapse of the Allco HIT Ltd and Strategic Finances where it is suspected that the swampland was used to underpin financial dealings. During the time of the investigations the NAB provided the perpetrator of the fraud with a loan of $350,000 secured by swampland on the Central Coast of NSW.[98]

Ex-Chief of Staff and accomplice defraud NAB

[edit]

More than $5.5 million in inflated invoices from an event and function company Human Group were paid between 2014 and 2017 to Rosemary Rogers an NAB employee for more than twenty years, nine of which was as chief of staff to CEOs Cameron Clyne and Andrew Thorburn. The money was paid by a co-accused Helen Rosamond "as an inducement or reward to ensure that Human Group maintained a contract with NAB" according to court documents. The court was told by the prosecution Rogers was motivated by "greed, personal gain and self-gratification". In sentencing, Judge Paul Conlon said the benefits she received went "well beyond compensating family for any perceived neglect", and went onto say, "I find it absolutely staggering that this fraud were not detected by some appropriate system of internal auditing by NAB". An anonymous whistle-blower sent a letter to NAB executives in 2017, alleging "Rose" had been receiving money and gifts over a number of years from Ms Rosamond. In sentencing, Rogers is to serve at least four years and nine months of her sentence being eligible for parole in October, 2025. Her co-accused is yet to be sentenced.[99]

Tax evasion and customer overcharging in Ireland

[edit]

The Irish subsidiary of the bank, National Irish Bank was the subject of a six-year Inquiry carried out by Inspectors appointed by the Irish High Court. They established that National Irish Bank had engaged in overcharging its own customers and tax evasion schemes prior to 1998.[100] Mr Justice Peter Kelly, an Irish High Court judge commented following publication of the Report "The edifice of banking is built on a foundation of trust. On the Inspectors findings there was a breach of trust. The operation was carried out over a period of years in a deliberate fashion".[101] The Director of Corporate Enforcement subsequently applied to the High Court to have 9 senior managers barred from being an officer of any company.[102]

HomeSide write-downs

[edit]

NAB booked two write-downs associated with HomeSide. First, in July 2001, NAB had a $450 million write down of the value of its capitalised mortgage servicing rights (CMSRs) during the quarter ending 30 June 2001, and was the result of exceptionally high mortgage refinance volumes which lowered the value of the CMSRs, combined with a more challenging capital markets environment in which to hedge interest rate risk.[103] This was followed shortly by a second write-down reported in September totalling $1.75 billion; this second write-down consisted of US$400 million from an incorrect interest rate assumption embedded in the mortgage servicing rights valuation model, US$760 million from changed assumptions in the model flowing from the continued unprecedented uncertainty and turbulence in the mortgage servicing market, and US$590 million from writing off of the goodwill. In total, NAB booked $2.2 billion in losses due to HomeSide.

As a result of all these events, NAB's Australian shareholders attempted to sue it in the United States for securities fraud, even though the plaintiffs, the defendant, and the actual securities at issue (NAB's shares) were all located in Australia. (The main advantage of suing in the U.S. arises from Basic Inc. v. Levinson (1988), under which it is presumed that the defendant committed "fraud-on-the-market" unless the defendant proves otherwise.) The case of Morrison v. National Australia Bank Ltd ultimately ended up before the U.S. Supreme Court, which held in a unanimous 8–0 decision on 24 June 2010 that U.S. law against securities fraud does not apply to securities deals occurring outside of the country.

Former headquarters at 800 Bourke Street, Docklands

Financing of fossil fuel operations

[edit]

On 5 Nov 2015, NAB publicly supported the climate goals of the Paris Agreement.[104] In the four years following this commitment, from 2016 to 2019, NAB loaned A$7.3 billion to the fossil fuel industry.[105] Despite evidence that there can be little or no development of new or expansionary fossil fuel projects if the Paris Agreement climate goals are to be met,[106][107][108][109] NAB loaned A$1.2 billion to such projects during 2016–2019.[105] Over the same timeframe, NAB loaned A$1.1 billion to ten companies that were expanding the scale of the fossil fuel sector and/or relying on scenarios consistent with the failure of the Paris Agreement to justify their future business prospects.[110]

Despite publicly committing to “no longer finance new thermal coal mining projects” in December 2017,[111] the bank reportedly funded New Hope Group for its development of the New Acland Stage 3 Coal Mine, and Coronado Global Resources in connection with an expansion of its Curragh coal mine.[105] Environmental groups have questioned whether NAB breached its thermal coal commitment by providing this funding.[105]

In November 2019, NAB announced it would exit the thermal coal sector by 2035,[112] attracting criticism on the basis that this is five years too late to be considered compatible with the Paris Agreement climate goals.[105]

The Australian investor community has had various responses to continued financing of fossil fuel projects by NAB and the other members of the Big Four banks. These responses include:

  • NAB customers moving their money to banks with a lesser financed emissions portfolio.[113][114]
  • NAB shareholders asking for greater emissions disclosure and reduced finance for fossil fuels, including by lodging and supporting shareholder resolutions.[115][116][117][118]
  • Protest groups covering ATM screens to raise awareness of financed projects’ associated climate impacts and degradation of
  • The creation of 'fossil fuel-free' superannuation and investment products which exclude NAB from the investment universe.[119][120]

Hayne Royal Commission

[edit]
Main article: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

A royal commission was established on in December 2017 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions.[121] A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities,[122] and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities[123] and impropriety in foreign exchange trading.[124]

During the Royal Commission, it was revealed that NAB subsidiary, MLC Limited, had charged some of its customers "adviser contribution fees" and "employer service fees" on its superannuation products. By its own admission, NAB executives told the Royal Commission that the customers might have not received any service, in spite of being charged a fee. NAB tried to disguise these fees as commissions.[125] The following month ASIC commenced civil proceedings in the Federal Court alleging that NAB-owned superannuation entities had deducted $100 million in fees from more than 300,000 customers where services were not provided.[126] Appearing before the Royal Commission in November 2018, NAB Chief Executive Officer Andrew Thorburn defended the fees-for-no-service issue as a "process issue" rather than dishonesty.[127] Days earlier, NAB Chairman and former Secretary of The Treasury Ken Henry defensively appeared before the Royal Commission, with some tense exchanges between Henry and legal counsel Rowena Orr.[128][129][130][131]

See also

[edit]

References

[edit]
  1. ^ "National Australia Bank Ltd (NAB.AX) Company Profile". Reuters. Archived from the original on 5 February 2017. Retrieved 3 April 2015.
  2. ^ a b c d e Annual Report 2024 (PDF) (Report). National Australia Bank Limited. Retrieved 14 November 2024.
  3. ^ "Westpac, CommBank, ANZ and NAB: Are The Big Four Banks Still... Big?". Oiyo. 23 November 2020. Archived from the original on 11 September 2021. Retrieved 11 September 2021.
  4. ^ "NAB". Australasian Centre for Corporate Responsibility. Archived from the original on 13 March 2018. Retrieved 22 December 2015.
  5. ^ "NAB, ANZ forced to defend fossil fuel funding at AGMs". East & Partners. 22 December 2014. Archived from the original on 2 April 2016. Retrieved 22 December 2015.
  6. ^ Garrido, Francis; Chaudhry, Saqib (5 April 2019). "The world's 100 largest banks". Standard & Poor. Archived from the original on 24 September 2019. Retrieved 8 September 2019.
  7. ^ "About us - learn about what we do - NAB". www.nab.com.au. Archived from the original on 23 February 2017. Retrieved 11 September 2021.
  8. ^ "Annual Report 2014" (PDF). National Australia Bank. 14 November 2014. Archived from the original (PDF) on 8 April 2015. Retrieved 3 April 2015.
  9. ^ "NAB cold on Adani's Carmichael". The Australian Financial Review. 2 September 2015. Archived from the original on 22 December 2015. Retrieved 22 December 2015.
  10. ^ Vaughan, Gareth. "BNZ valued at about NZ$7.8 bln". interest.co.nz. Retrieved 16 April 2024.
  11. ^ "NAB Business products terms and conditions". NAB. 18 January 2024. Retrieved 16 April 2024.
  12. ^ Long, Stephen (2 February 2004). "Frank Cicutto Resigns as NAB boss". ABC The World Today. Archived from the original on 11 May 2017. Retrieved 24 February 2017.
  13. ^ "Cathy Walter: parent, achiever, dissident". The Age. Melbourne. 4 April 2004. Archived from the original on 5 May 2016. Retrieved 24 February 2017.
  14. ^ Our Business – NAB Archived 2 May 2010 at the Wayback Machine
  15. ^ Our Business – NAB Archived 27 January 2010 at the Wayback Machine
  16. ^ "Ahmed Fahour steps down from NAB Executive and Board". www.nab.com.au (Press release). NAB. 20 February 2009. Archived from the original on 23 February 2017. Retrieved 23 February 2017. Mr Fahour said he was leaving the business after nearly five years because the job he was employed to do had been completed successfully.
  17. ^ "NAB mixes job cuts with record profits". The Age (Melbourne). AAP. 11 May 2005. Archived from the original on 3 July 2017. Retrieved 24 February 2017.
  18. ^ Murray, Lisa (26 September 2005). "NAB to export 23 jobs to India". The Sydney Morning Herald. Archived from the original on 24 September 2015. Retrieved 24 February 2017.
  19. ^ "Spotlight on National Australia Bank". Financial Sector Union. Archived from the original on 18 June 2007.
  20. ^ "National Australia Bank Officially Opens New Flagship Docklands Complex". NAB. Archived from the original on 9 October 2009.
  21. ^ Brawn, Graham; Drake, Scott (1 January 2005). "National @ Docklands". Architecture Australia. Vol. 94, no. 1. Architecture Media Pty Ltd. ISSN 0003-8725. Archived from the original on 24 February 2017. Retrieved 24 February 2017.[page needed]
  22. ^ "National Australia Bank's First-Half Profit Tops Forecasts". CNBC. Reuters. 9 May 2007. Archived from the original on 24 February 2017. Retrieved 24 February 2017.
  23. ^ Sharma, Mahesh (4 March 2008). "NAB sends jobs offshore". The Australian. Archived from the original on 5 March 2008. Retrieved 4 March 2008.
  24. ^ Zappone, Chris (25 July 2008). "NAB's $7 billion wipeout". The Age, Melbourne. Archived from the original on 28 July 2008. Retrieved 25 July 2008.
  25. ^ "NAB unveils UBank". National Australia Bank. 1 October 2008. Archived from the original on 29 September 2011. Retrieved 17 November 2011.
  26. ^ "NAB axes Fahour's role in rejig". The Age. 18 December 2008. Archived from the original on 31 May 2009. Retrieved 22 June 2009.
  27. ^ Bell, Alison (4 May 2010). "NAB earnings expected to trail rivals". The Age. Melbourne. Archived from the original on 9 May 2012. Retrieved 17 November 2011.
  28. ^ NAB profits hit by fee cuts Archived 13 November 2012 at the Wayback Machine, ABC, 6 May 2010
  29. ^ NAB H1 profit jumps as market share improves Archived 6 May 2011 at the Wayback Machine, Business Spectator, 5 May 2011
  30. ^ NAB's organics will need constant tending Archived 17 September 2011 at the Wayback Machine, Business Spectator, 5 May 2011
  31. ^ "The Break Up – NAB breaks up with banks, CommBank, ANZ, Westpac". National Australia Bank. Archived from the original on 25 November 2011. Retrieved 17 November 2011.
  32. ^ "'Break-up' campaign helps NAB to top of bank customer satisfaction list". AAP. 8 April 2011. Archived from the original on 11 April 2011. Retrieved 26 April 2011.
  33. ^ Thomson, James (16 February 2011). "Five lessons from NAB's "bank break-up" marketing campaign". SmartCompany. Archived from the original on 26 January 2012. Retrieved 17 November 2011.
  34. ^ Hammond, Michelle (18 April 2011). "Regional independent banks top the majors for SMEs: Report". StartupSmart. Archived from the original on 22 July 2011. Retrieved 17 November 2011.
  35. ^ "NAB Break Up Rebuttal". iMarketing Solutions. Archived from the original on 7 November 2011. Retrieved 17 November 2011.
  36. ^ Gluyas, Richard (20 April 2011). "Business banking franchise may take a collateral hit in the 'fair value' campaign". The Australian. Archived from the original on 19 April 2012. Retrieved 17 November 2011.
  37. ^ NAB campaign wins top award at Cannes Archived 17 March 2014 at the Wayback Machine, The Australian
  38. ^ "NAB to acquire Challenger's mortgage management business" (PDF). ASX. 18 August 2009. Archived (PDF) from the original on 6 April 2012. Retrieved 19 August 2009.
  39. ^ "Aviva sells Australian Business". BBC. 22 June 2009. Archived from the original on 25 June 2009. Retrieved 22 June 2009.
  40. ^ "NAB snaps up 80% of JBWere wealth unit". The Age. Melbourne. 29 July 2009. Archived from the original on 1 August 2009. Retrieved 31 July 2009.
  41. ^ John, Danny (9 September 2010). "For AXA it's goodbye NAB, hello AMP". The Sydney Morning Herald. Archived from the original on 10 September 2010. Retrieved 9 September 2010.
  42. ^ Ferguson, Adele (22 March 2010). "Angst over Axa and worries over bank's performance: the woes of Cameron Clyne". The Sydney Morning Herald. Archived from the original on 26 May 2010. Retrieved 2 July 2010.
  43. ^ "NAB faces investor ire before AGM". Financial Review. 3 December 2012. Archived from the original on 3 November 2013. Retrieved 14 July 2013.
  44. ^ Sharp, Tim (11 December 2012). "NAB faces investor backlash at AGM". Herald Scotland. Archived from the original on 5 June 2013. Retrieved 14 July 2013.
  45. ^ "Our Performance". National Australia Bank. Archived from the original on 19 July 2013. Retrieved 14 July 2013.
  46. ^ Michael Smith (4 April 2014). "National Australia Bank shareholders give cautious nod to new boss Andrew Thorburn". The Sydney Morning Herald. Archived from the original on 24 September 2015. Retrieved 31 October 2015.
  47. ^ Clancy Yeates (1 August 2014). "New NAB chief Andrew Thorburn shakes up executive team". The Sydney Morning Herald. Archived from the original on 8 July 2015. Retrieved 31 October 2015.
  48. ^ Yeates, Clancy (17 July 2015). "Why National Australia Bank's selling final stake in Great Western Bank". The Sydney Morning Herald. Archived from the original on 10 May 2016. Retrieved 14 February 2016.
  49. ^ Somasundaram, Narayanan (15 October 2014). "Great Western Unchanged in Debut After Scaled-Back IPO". Bloomberg Business. Archived from the original on 22 February 2016. Retrieved 14 February 2016.
  50. ^ "NAB sells remaining Great Western stake". Sky News Australia. 29 July 2015. Archived from the original on 23 February 2016. Retrieved 14 February 2016.
  51. ^ Pandey, Swati; Scuffham, Matt (7 May 2015). "NAB to demerge UK unit after $4.4 billion fundraising". Reuters. Archived from the original on 5 August 2016. Retrieved 8 May 2015.
  52. ^ Taverner, Charlie; Fedor, Lauren (3 February 2016). "Clydesdale Bank share price trades above opening offer as conditional trading starts on IPO after 24-hour delay". City A.M. Archived from the original on 14 June 2017. Retrieved 14 February 2016.
  53. ^ "Ross McEwan Appointed CEO of National Australia Bank | NAB News". news.nab.com.au. Archived from the original on 25 September 2019. Retrieved 28 February 2020.
  54. ^ Crozier, Ry (29 January 2021). "NAB to buy out neobank 86 400". iTnews. Archived from the original on 29 January 2021. Retrieved 1 February 2021.
  55. ^ a b c d e f "National Australia Bank 2022 Annual Report" (PDF). National Australia Bank. Retrieved 28 September 2023.
  56. ^ readSeptember 10, Courtney Gould2 min; NewsWire, 2021-12:01AMNCA (9 September 2021). "Major bank changes its name". News.com.au. Archived from the original on 11 September 2021. Retrieved 11 September 2021.{{cite news}}: CS1 maint: numeric names: authors list (link)
  57. ^ "On 1 June 2022, National Australia Bank Limited ('NAB') acquired the Citi consumer banking business in Australia". Archived from the original on 28 June 2022. Retrieved 21 June 2022.
  58. ^ "National Australia Bank joins stablecoin bandwagon, to launch fiat-backed digital currency by mid-2023". India Today. 19 January 2023. Archived from the original on 20 January 2023. Retrieved 20 January 2023.
  59. ^ "Banks merger completed". The Canberra Times. Vol. 56, no. 16, 807. Australian Capital Territory, Australia. 2 October 1981. p. 14. Archived from the original on 21 January 2023. Retrieved 8 February 2019 – via National Library of Australia.
  60. ^ Silver, Lynette (23 April 2015). "Managing director guided CBC during a time of change: VIC MARTIN 1923–2015". The Sydney Morning Herald. Archived from the original on 9 February 2019. Retrieved 8 February 2019.
  61. ^ Toevai, Sineva; Bianca Hartge-Hazelman (3 April 2014). "NAB chief Cameron Clyne to retire". The Sydney Morning Herald. Fairfax Media. Archived from the original on 26 April 2019. Retrieved 3 April 2014.
  62. ^ "NAB top executives cave to pressure - STOCK INFO AUSTRALIA". Archived from the original on 13 December 2019. Retrieved 9 February 2019.
  63. ^ Morgan, Elysse (8 February 2019). "NAB interim CEO Phil Chronican the right man for the job, investors say". ABC News. Archived from the original on 9 February 2019. Retrieved 9 February 2019.
  64. ^ "Andrew Irvine appointed CEO of NAB". NAB News. Retrieved 1 April 2024.
  65. ^ "Merging banks favour 'National Commercial'". The Canberra Times. Vol. 56, no. 16, 925. Australian Capital Territory, Australia. 29 January 1982. p. 13. Archived from the original on 21 January 2023. Retrieved 9 February 2019 – via National Library of Australia.
  66. ^ "Banks merger completed". The Canberra Times. Vol. 56, no. 16, 807. Australian Capital Territory, Australia. 2 October 1981. p. 14. Archived from the original on 21 January 2023. Retrieved 9 February 2019 – via National Library of Australia.
  67. ^ "Bank chiefs fiscal warning". The Canberra Times. Vol. 66, no. 20, 765. Australian Capital Territory, Australia. 19 February 1992. p. 29. Archived from the original on 21 January 2023. Retrieved 9 February 2019 – via National Library of Australia.
  68. ^ "Ken Henry to succeed Michael Chaney as NAB chairman". The Australian. 7 May 2015. Retrieved 9 February 2019.
  69. ^ "NAB chairman Michael Chaney defends performance". The Sydney Morning Herald. 17 December 2015. Archived from the original on 7 January 2016. Retrieved 22 December 2015.
  70. ^ "NAB announces agreement to acquire 86 400 to accelerate UBank growth | NAB News". Archived from the original on 13 August 2021. Retrieved 13 August 2021.
  71. ^ a b "2011 Full Year Financial Results". Archived from the original on 4 January 2012. Retrieved 9 November 2011.
  72. ^ "National Australia Bank receives global recognition in Customer Relationship Management". NAB media release. 10 December 2003.[dead link‍]
  73. ^ "NAB's track record a winner". The Sydney Morning Herald. 22 February 2005. Archived from the original on 25 May 2007. Retrieved 29 October 2006.
  74. ^ "National Australia Bank and Teradata Win Overall NCDM Award for Excellence in Database Marketing". 17 December 2008.[dead link‍]
  75. ^ "CRM adopter plays catch-up". The Australian. 19 September 2006.[dead link‍]
  76. ^ "Bank's CRM revamp hits half-way mark". Computerworld. 16 March 2006. Archived from the original on 13 January 2007. Retrieved 29 October 2006.
  77. ^ "ifs/Capgemini Financial Innovation Awards 2006". ifs School of Finance. Archived from the original on 8 February 2007.
  78. ^ a b c Zappone, Chris (2 December 2010). "NAB's woes trigger missing transactions". The Sydney Morning Herald. Archived from the original on 17 February 2012. Retrieved 5 December 2011.
  79. ^ Foo, Fran (30 November 2010). "Human error triggered NAB software corruption". The Australian. Archived from the original on 29 November 2010. Retrieved 17 November 2011.
  80. ^ This is the year for NAB core banking overhaul Archived 9 May 2011 at the Wayback Machine, iTWire, 6 May 2011
  81. ^ "NAB UBank IT 'well advanced'". ZDNet. 29 April 2009. Archived from the original on 30 April 2009. Retrieved 29 April 2009.
  82. ^ Sharma, Mahesh (28 April 2009). "Roadmap for $1b IT overhaul done: NAB". The Australian. Archived from the original on 30 April 2009. Retrieved 29 April 2009.
  83. ^ NAB UBank IT 'well advanced', ZDNet.com.au, 28 April 2009
  84. ^ "NAB starts digital review as Nextgen questions remain". afr.com. 28 April 2014. Archived from the original on 14 July 2014. Retrieved 31 October 2015.
  85. ^ "Microsoft and NAB strike five-year cloud deal". ARN. 14 July 2020. Archived from the original on 7 August 2020. Retrieved 25 September 2020.
  86. ^ Barbaschow, Asha. "National Australia Bank will pay you to break its systems". ZDNet. Archived from the original on 25 September 2020. Retrieved 25 September 2020.
  87. ^ "2008 Shareholder Review". National Australia Bank. Archived from the original on 15 February 2009. Retrieved 20 February 2009.
  88. ^ "NAB Corporate Responsibility Newsletter – July 2010". NAB. Archived from the original on 6 July 2011. Retrieved 20 January 2011.
  89. ^ Foo, Fran (23 March 2010). "Tri-generation plant to cut bank's energy bill". The Australian. Archived from the original on 5 April 2011. Retrieved 20 January 2011.
  90. ^ "NAB achieves carbon neutral status (with carbon offsets)". Dynamic Business. 30 September 2010. Archived from the original on 13 November 2010. Retrieved 20 January 2011.
  91. ^ "Environment". NAB. Archived from the original on 6 July 2011. Retrieved 20 January 2011.
  92. ^ a b Gaskin, Lee (10 October 2016). "NAB signs on as AFL Women's League naming-rights sponsor". AFL Media. Bigpond. Archived from the original on 4 April 2018. Retrieved 2 February 2017.
  93. ^ "NAB Sheikh Fehmi El-Imam Scholarship". NAB. Archived from the original on 24 October 2009. Retrieved 14 April 2010.
  94. ^ "Former NAB foreign currency options traders sentenced". Australian Securities and Investments Commission. 4 July 2006. Archived from the original on 28 September 2007.
  95. ^ "BSI Corp website". BSI Corp. February 2014. Archived from the original on 15 December 2013. Retrieved 5 February 2014.
  96. ^ "ASIC Form 603 - Notice of initial substantial holder" (PDF). Australian Securities & Investment Commission. December 2007. Archived (PDF) from the original on 21 November 2016. Retrieved 21 November 2016.
  97. ^ "Allco HIT calls it quits - SMH". The Sydney Morning Herald. November 2008. Archived from the original on 20 December 2016. Retrieved 21 November 2016.
  98. ^ "Former NAB financial planner pleads guilty to fraud charges". Australian Securities and Investments Commission. May 2006. Archived from the original on 23 March 2011.
  99. ^ Swanston, Tim (January 2021). "Former NAB employee Rosemary Rogers jailed for eight years over invoice scam". ABC News. Australian Broadcasting Corporation - News. Archived from the original on 27 January 2021. Retrieved 28 January 2021.
  100. ^ John Blayney; Tom Grace (30 July 1998). "Summary of Report of the Investigation into the affairs of National Irish Bank Ltd and National Irish Financial Services Limited" (PDF). The High Court. Archived from the original (PDF) on 4 March 2016. Retrieved 6 February 2014.
  101. ^ "Ex-NIB executive barred for 10 years by court". Eircom.net. 27 October 2005. Archived from the original on 12 January 2006.
  102. ^ "ODCE seeks nine disqualifications arising from National Irish Bank / National Irish Bank Financial Services Report" (DOC) (Press release). Director of Corporate Enforcement. 28 August 2005.[dead link‍]
  103. ^ LII (21 March 2010). "Morrison v. National Australia Bank (08-1191)". LII / Legal Information Institute. Archived from the original on 11 April 2017. Retrieved 10 April 2017.
  104. ^ "NAB Climate Change Statement". NAB. 5 November 2015. Archived from the original on 9 October 2020. Retrieved 8 October 2020.
  105. ^ a b c d e "NAB". Market Forces. Archived from the original on 31 October 2020. Retrieved 8 October 2020.
  106. ^ Tong, Dan; Zhang, Qiang; Zheng, Yixuan; Caldeira, Ken; Shearer, Christine; Hong, Chaopeng; Qin, Yue; Davis, Steven (1 July 2019). "Committed emissions from existing energy infrastructure jeopardize 1.5 °C climate target". Nature. 572 (7769): 373–377. Bibcode:2019AGUFMPA14A..05D. doi:10.1038/s41586-019-1364-3. PMC 6697221. PMID 31261374.
  107. ^ McGlade, Christophe; Ekins, Paul (7 January 2015). "The geographical distribution of fossil fuels unused when limiting global warming to 2 °C". Nature. 517 (7533): 187–190. Bibcode:2015Natur.517..187M. doi:10.1038/nature14016. PMID 25567285. S2CID 4454113. Archived from the original on 9 October 2020. Retrieved 9 October 2020.
  108. ^ Kelly Trout (17 October 2018). "The Sky's Limit and the IPCC Report on 1.5 Degrees of Warming". Oil Change International. Archived from the original on 25 September 2020. Retrieved 8 October 2020.
  109. ^ "Unburnable Carbon: Are the World's Financial Markets Carrying a Carbon Bubble?". Carbon Tracker. 13 July 2011. Archived from the original on 22 September 2020. Retrieved 8 October 2020.
  110. ^ "Funding Climate Failure". Market Forces. Archived from the original on 29 September 2020. Retrieved 8 October 2020.
  111. ^ "Update on financing of new thermal coal mining projects". NAB. 14 December 2017. Archived from the original on 27 January 2021. Retrieved 8 October 2020.
  112. ^ Hutchens, Gareth (13 September 2020). "NAB chief's enlightening answer under questioning by Federal MP Craig Kelly on Australian coal". ABC. Archived from the original on 11 October 2020. Retrieved 8 October 2020.
  113. ^ "Coal, climate change collide as customers query banks' green credentials". The Sydney Morning Herald. 20 May 2014. Archived from the original on 7 January 2016. Retrieved 22 December 2015.
  114. ^ "Bank accounts closed in fossil fuels protest". The Sydney Morning Herald. 2 May 2014. Archived from the original on 7 January 2016. Retrieved 22 December 2015.
  115. ^ "NAB, ANZ forced to defend fossil fuel funding at AGMs". East and Partners. 22 December 2014. Archived from the original on 2 April 2016. Retrieved 8 October 2020.
  116. ^ "2015 AGM webcast". National Australia Bank. 17 December 2015. Archived from the original on 7 January 2016. Retrieved 22 December 2015.
  117. ^ "National Australia Bank: Shareholder resolutions for consideration at the 2020 AGM". MarketScreener. 5 October 2020. Archived from the original on 21 January 2023. Retrieved 8 October 2020.
  118. ^ "NNAB, ANZ and Westpac hit with climate risk shareholder resolutions". Market Forces. 10 October 2019. Archived from the original on 19 September 2020. Retrieved 8 October 2020.
  119. ^ "Banks excluded from first fossil-free Australian shares index". The Sydney Morning Herald. 1 September 2015. Archived from the original on 22 December 2015. Retrieved 22 December 2015.
  120. ^ "Future Super". Archived from the original on 22 December 2015. Retrieved 22 December 2015.
  121. ^ Ferguson, Adele (5 May 2014). "Banking Bad" (transcript). Four Corners. Australian Broadcasting Corporation. Archived from the original on 26 November 2020. Retrieved 1 March 2018.
  122. ^ McGrath, Pat; Janda, Michael (27 June 2014). "Senate inquiry demands royal commission into Commonwealth Bank, ASIC". ABC News. Australia. Archived from the original on 29 November 2020. Retrieved 1 March 2018.
  123. ^ Verrender, Ian (7 August 2017). "How the Commonwealth Bank laid the groundwork for a royal commission". ABC News. Australia. Archived from the original on 12 November 2020. Retrieved 1 March 2018.
  124. ^ Frost, James; Eyers, James (21 December 2016). "CBA and NAB admit impropriety in foreign exchange trading". The Age. Melbourne. Archived from the original on 11 June 2020. Retrieved 1 March 2018.
  125. ^ Danckert, Sarah (6 August 2018). "NAB accused of trying to avoid fees-for-no-service refunds". The Sydney Morning Herald. Archived from the original on 9 February 2019. Retrieved 7 February 2019.
  126. ^ "Regulator sues NAB for no-service scandal as industry faces $1bn bill". Guardian Australia. Australian Associated Press. 6 September 2018. Archived from the original on 9 February 2019. Retrieved 7 February 2019.
  127. ^ Wooten, Hannah (26 November 2018). "NAB insists fees for no service a "process issue"". Money Management. Retrieved 7 February 2019.[permanent dead link‍]
  128. ^ Chalmers, Stephanie (27 November 2018). "Banking royal commission sees NAB chairman Ken Henry grilled on 'fees for no service'". ABC News. Australia. Archived from the original on 7 February 2019. Retrieved 7 February 2019.
  129. ^ Hutchens, Gareth (6 September 2018). "Ken Henry says it could take 10 years to change NAB's culture – as it happened". Guardian Australia. Australian Associated Press. Archived from the original on 9 February 2019. Retrieved 7 February 2019.
  130. ^ Yeates, Clancy; Danckert, Sarah (1 December 2018). "How Ken Henry opened up a corporate can of worms". The Sydney Morning Herald. Archived from the original on 9 February 2019. Retrieved 7 February 2019.
  131. ^ Pash, Chris (27 November 2018). "Ken Henry's royal commission appearance sparked a debate over one of the biggest issues facing capitalism". Business Insider. Archived from the original on 9 February 2019. Retrieved 7 February 2019.
[edit]
Wikimedia Commons has media related to National Australia Bank.
Retrieved from "https://en.wikipedia.org/w/index.php?title=National_Australia_Bank&oldid=1263294772"