National Australia Bank
Encyclopedia
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation. It operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers.
NAB operates 1,808 branches and service centres and 4654 ATMs globally. NAB has a "AA" senior debt rating by S&P.
. Cruickshank became its first chairman while Gibbs left after being passed over for the position of General Manager. The bank opened its first branch in South Australia
the same year.
Expansion to other Australian states followed, with branches opening in Tasmania
(1859), Western Australia
(1866), New South Wales
(1885) and finally Queensland
(1920).
An early branch established in Mauritius
(1859) closed within a year, but a London
branch (1864), established to handle financing and payment for Australian exports of wool, gold and other commodities, and imports to Australia, was more successful.
National Bank of Australasia was one of many banks that closed its doors during the banking crisis of 1893. Director John Grice
was active in the crisis, from which the bank re-emerged as a public limited company, incorporated on 23 June 1893.
For the next half century, growth was stimulated by a number of acquisitions:
The bank opened a representative office in Tokyo in 1946, later upgraded to a branch in 1985. The bank's overseas interest expanded more rapidly in the 1970』s. It opened a branch in Singapore in 1971, and representative offices in Jakarta (1973) and Hong Kong (1974). It took minority interest
s in merchant banks in these locations at the same time, and in Hong Kong established a 50-50 joint venture merchant bank with Mitsubishi Bank and Trust, but withdrew from these arrangements in 1984. Its first US presence was established in 1977 with a branch and an agency in Los Angeles that closed in 1993.
On the 8 September 1834 the Sydney Herald carried a notice titled "Commercial Banking Company of Sydney" proposing the establishment of a new bank. It began operations on 1 November 1834 and in 1848 was incorporated by an Act of the New South Wales Parliament. Sir Edward Knox was the first Bank Manager and later a director. Thomas Barker (born 1799 London, England, died 1875 Bringelly, New South Wales), a manufacturer, engineer, politician, landowner and philanthropist was a notable director and chairman.
The CBC grew to service the expanding pastoral and farming industries of the then Colony of New South Wales.
In 1981, National Bank of Australasia Limited merged with The Commercial Banking Company of Sydney Limited to form National Commercial Banking Corporation of Australia Limited and subsequently changed its name to National Australia Bank Limited (NAB).
The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. Representative offices were established in Beijing
(1982), Chicago
(branch 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
).
Further acquisitions followed - Bank of New Zealand
in 1992, which at the time had about a 26% market share in the New Zealand 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 MLC entities) for $4.56bn, one of the biggest mergers in Australian corporate history.
, 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.
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 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.
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 ASIC and incurred jail terms.
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. 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". The Director of Corporate Enforcement
subsequently applied to the High Court to have 9 senior managers barred from being an officer of any company.
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.
John 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.
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.
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
. 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.
As part of the culture change program, a new Australian head office was purpose built at Docklands in Melbourne. This building is characterized by its open plan layout and was officially opened in October 2004. 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
, and this took place in Aug 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.
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.
and Teradata
CRM systems.
Whilst NAB has received recognition as an early adopter and leader in CRM (Customer Relationship Management
)
the system was reinvigorated in 2004/5 as part of the broader turnaround to support the new focus on cross-selling.
NAB also deployed its CRM system system to New Zealand and United Kingdom.
In 2006, NAB was named the winner of the IFS/Cap Gemini Financial Innovation awards for its CRM system, internally called "National Leads".
NAB stated it aimed to attract new retail customers while operating independently to its other retail brands, and in its 2009 annual report, NAB claimed that this strategy had been "successful".
UBank operates under NAB's banking licence and participates in the Australian government's new deposit guarantee scheme.
Deposits were said to exceed over $500 million in one month.
UBank was cited as an example of effective use of nontraditional marketing such as social media
, but also uses traditional marketing
such as print
and television
.
NAB claimed UBank's "customer advocacy
and satisfaction levels" to be "amongst the highest of any institution in Australia"
In August 2009, UBank launched a new online savings account ("USaver") that was reported to differentiate through its easy online application process.
In its 2009 annual report, NAB claimed "almost 10,000 new customers in a month" for UBank's USaver product.
UBank has been acknowledged as the driver of NAB's fast growth in deposit market share compared to other major banks.
In December 2009, UBank's USaver online savings account was awarded Money Magazine
's "Best of the Best" award.
NAB's UBank has been compared to Qantas
' Jetstar in terms of a strategy
of internal innovation with the objective of opening new market segments for the parent company.
In February 2010, NAB stated that strong growth in UBank had positively impacted its household deposits.
June 2010, "New chief appointed to NAB's UBank" Alex Twigg.
At an Investor Briefing in February 2011, Executive Director & Group CFO, Mark Joiner, reported "UBank’s now well over $7 billion" when asked the source of the groups growth in deposits.
In February 2011, UBank launched its first home loan product (dubbed "UHomeloan"). Only 10 days after its launch, UBank dropped the interest rate of its loan by 0.10%pa
March 2011 : Cameron Clyne NAB Group CEO in Switzer interview confirms UBank has grown to $10 billion in deposits and will become a full service retail bank.
In October 2011 UBank was internationally recognised for leading retail banking innovation winning the BAI Financial Global Product Innovation Award for its refinance mortgage UHomeloan.
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. The campaign received both a positive and negative reception. It also attracted swift competitive responses from other major banks. The campaign won an advertising award at Cannes.
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.
In June 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. In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere, for A$99m.
In December 2009 NAB began a 9 month attempt to purchase AXA Asia Pacific. This attempt was blocked twice by the ACCC
. 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 however was rejected a second time in September of that year. The AXA deal's drawn out process drew criticism for the Bank's under performance.
-based solution. UBank was reported to be the first beneficiary of this project. In total, the project is expected to be completed in 2014 and cost $1 billion.
On 24 November 2010, NAB suffered a system malfunction resulting in the failure of accounts processing. As a result, many NAB customers suffered, as well as non NAB customers. The malfunction was caused by a corruption of a irreplaceable system file. This issue has been dubbed by some commentators as one of the biggest failures in the history of the Australian banking system.
, 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, and the 2006 Commonwealth Games
. 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 cleanup of flood affected in Queensland and Victoria. From 2008-2010 NAB is sponsoring the South Sydney Rabbitohs
.
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.
Revenue by geography in 2010 is summarised in the table below.
NAB operates 1,808 branches and service centres and 4654 ATMs globally. NAB has a "AA" senior debt rating by S&P.
Business Overview
The National Australia Bank Group is organised into nine divisions, spread across four geographic regions.| Region | Division | Brand | Description | |
|---|---|---|---|---|
| Australia | ||||
| Business Banking |
|
|||
| Personal Banking |
|
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| MLC & NAB Private Wealth |
MLC Limited MLC is an Australian asset and wealth management company, which was acquired by the National Australia Bank . It provides investment, superannuation, insurance and private wealth services to corporate and institutional customers.... , JBWere, Navigator, Plum, JANA, NAB Private Wealth |
|||
| United Kingdom | UK Banking |   |
Clydesdale Bank Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England... and Yorkshire Bank Yorkshire Bank Yorkshire Bank is a commercial bank in England and Wales, a division of Clydesdale Bank, which in turn is a subsidiary of National Australia Bank. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454 million compared with a... |
|
| New Zealand | NZ Banking |
Bank of New Zealand Bank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861... |
||
| USA | Great Western Bank |
Great Western Bank (Midwest) Great Western Bank is a community bank based in Sioux Falls, South Dakota. There are nearly 200 locations in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. Great Western Bank currently has assets in excess of $8 billion.-History:... |
||
| Global | ||||
| Wholesale Banking |
Foreign exchange market The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends... , derivatives, project finance Project finance Project finance is the long term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of the project sponsors... , custodian services Custodian bank A Custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not likely to engage in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal... Infrastructure Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function... , Natural Resources Natural Resources Natural Resources is a soul album released by Motown girl group Martha Reeves and the Vandellas in 1970 on the Gordy label. The album is significant for the Vietnam War ballad "I Should Be Proud" and the slow jam, "Love Guess Who"... |
|||
| Specialised Group Assets |
Bad bank Bad bank is a term for a financial institution created to hold nonperforming assets owned by a state guaranteed bank. Such institutions have been created to address challenges arising during an economic credit crunch wherein private banks are allowed to take problem assets off their books... containing approximately A$15 billion of exposures including CDOs Collateralized debt obligation Collateralized debt obligations are a type of structured asset-backed security with multiple "tranches" that are issued by special purpose entities and collateralized by debt obligations including bonds and loans. Each tranche offers a varying degree of risk and return so as to meet investor demand... and high yield debt |
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| Corporate Functions and Other |
Asia Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population... , as well as Group Funding Treasury A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept.... and other service functions |
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Early history (-1981)
In 1893, National Bank Limited was formed. Up until 1 October 1981 it continued to trade as The National Bank of Australasia Limited, only after the merger with the Commercial Banking Company of Sydney Limited did it become known as National Australia Bank.National Bank of Australasia Limited
In 1858 Alexander Gibb, a Melbourne gentleman, enlisted Andrew Cruickshank, a local merchant and pastoralist, to raise the capital to establish National Bank of Australasia with headquarters in MelbourneMelbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
. Cruickshank became its first chairman while Gibbs left after being passed over for the position of General Manager. The bank opened its first branch in South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
the same year.
Expansion to other Australian states followed, with branches opening in Tasmania
Tasmania
Tasmania is an Australian island and state. It is south of the continent, separated by Bass Strait. The state includes the island of Tasmania—the 26th largest island in the world—and the surrounding islands. The state has a population of 507,626 , of whom almost half reside in the greater Hobart...
(1859), Western Australia
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
(1866), New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
(1885) and finally Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
(1920).
An early branch established in Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
(1859) closed within a year, but a London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
branch (1864), established to handle financing and payment for Australian exports of wool, gold and other commodities, and imports to Australia, was more successful.
National Bank of Australasia was one of many banks that closed its doors during the banking crisis of 1893. Director John Grice
John Grice
Sir John Grice was an Australian business man, company director and University of Melbourne vice-chancellor.Grice was born in Selly Oak, fourth son of Richard Grice, a Selly Oak merchant...
was active in the crisis, from which the bank re-emerged as a public limited company, incorporated on 23 June 1893.
For the next half century, growth was stimulated by a number of acquisitions:
- Colonial Bank of Australasia (est. 1856) in 1918, bringing additional branches in VictoriaVictoria (Australia)Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....
and New South Wales. - Bank of Queensland in 1922, with branches in Queensland, New South Wales and Victoria. The Bank of Queensland was itself result of the merger in 1917 of Royal Bank of Queensland (est. 1886) and Bank of North Queensland (est. 1888).
- Queensland National Bank (est. 1872) in 1948, with branches in Queensland, New South Wales and Victoria.
- Ballarat Banking Company (est. 1865) in 1955
The bank opened a representative office in Tokyo in 1946, later upgraded to a branch in 1985. The bank's overseas interest expanded more rapidly in the 1970』s. It opened a branch in Singapore in 1971, and representative offices in Jakarta (1973) and Hong Kong (1974). It took minority interest
Minority interest
Minority interest in business is an accounting concept that refers to the portion of a subsidiary corporation's stock that is not owned by the parent corporation...
s in merchant banks in these locations at the same time, and in Hong Kong established a 50-50 joint venture merchant bank with Mitsubishi Bank and Trust, but withdrew from these arrangements in 1984. Its first US presence was established in 1977 with a branch and an agency in Los Angeles that closed in 1993.
The Commercial Banking Company of Sydney Limited (CBC)
The CBC grew to service the expanding pastoral and farming industries of the then Colony of New South Wales.
Merger and rapid overseas expansion (1981-2011)
The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. Representative offices were established in Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
(1982), Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
(branch 1982), Dallas (1983), Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
(1983, upgraded to a branch in 1990), San Francisco (1984), Kuala Lumpur
Kuala Lumpur
Kuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
(1984), Athens
Athens
Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...
(1984, closed 1989), Frankfurt (1985, closed 1992), Atlanta (1986), Bangkok (1986), Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
(1986 upgraded to branch 1990), Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
(1988, closed 1990), Houston (1989) and New Delhi
New Delhi
New Delhi is the capital city of India. It serves as the centre of the Government of India and the Government of the National Capital Territory of Delhi. New Delhi is situated within the metropolis of Delhi. It is one of the nine districts of Delhi Union Territory. The total area of the city is...
(1989).
In 1987, NAB bought Clydesdale Bank
Clydesdale Bank
Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England...
(Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
) and Northern Bank
Northern Bank
Northern Bank , is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres...
(Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
and Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
) from Midland Bank
Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
. It rebranded Northern Bank branches in the Republic of Ireland to National Irish Bank
National Irish Bank
National Irish Bank is a commercial bank in Ireland, one of the traditional Big Four. In December 2004 Danske Bank agreed to purchase National Irish Bank from the National Australia Bank for GB£967m ....
and changed both banks' logos from that of the Midland Bank. In 1990, NAB bought Yorkshire Bank
Yorkshire Bank
Yorkshire Bank is a commercial bank in England and Wales, a division of Clydesdale Bank, which in turn is a subsidiary of National Australia Bank. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454 million compared with a...
(England and Wales
England and Wales
England and Wales is a jurisdiction within the United Kingdom. It consists of England and Wales, two of the four countries of the United Kingdom...
).
Further acquisitions followed - Bank of New Zealand
Bank of New Zealand
Bank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861...
in 1992, which at the time had about a 26% market share in the New Zealand market, and Michigan National Bank
Michigan National Bank
Michigan National Bank was a bank founded in Lansing, Michigan, which was established on 31 December 1940 when Howard J Stoddard consolidated six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing 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
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, and most significantly, the acquisition in 2000 of MLC Limited
MLC Limited
MLC is an Australian asset and wealth management company, which was acquired by the National Australia Bank . It provides investment, superannuation, insurance and private wealth services to corporate and institutional customers....
(and related MLC entities) for $4.56bn, one of the biggest mergers in Australian corporate history.
Stalled expansion (2000-2004)
NAB encountered a difficult period in the period 2000-2005. In 2000, NAB sold Michigan National Bank to ABN AMROABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
, then in 2001 sold HomeSide's operating assets for US$1.9b to Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
, the largest US savings and loan company, as well as the mortgage unit's loan-servicing technology and operating platform.
HomeSide (USA)
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. 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 case of Morrison v. National Australia Bank Ltd
Morrison v. National Australia Bank Ltd
Morrison v. National Australia Bank Ltd is a US Supreme Court case concerning the extraterritorial effect of US securities legislation. Its effect was to bar all federal securities fraud suits in the US for securities traded on a foreign stock exchange...
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.
Foreign currency trader staff fraud
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 Price Waterhouse Coopers and the Australian Prudential Regulation AuthorityAustralian Prudential Regulation Authority
The Australian Prudential Regulation Authority is a statutory authority and the prudential regulator of the Australian financial services industry.-Regulatory scope:...
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 ASIC and incurred jail terms.
Tax evasion and customer overcharging in Ireland
The Irish subsidiary of the bank, National Irish BankNational Irish Bank
National Irish Bank is a commercial bank in Ireland, one of the traditional Big Four. In December 2004 Danske Bank agreed to purchase National Irish Bank from the National Australia Bank for GB£967m ....
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. 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". The Director of Corporate Enforcement
Director of Corporate Enforcement
The Office of the Director of Corporate Enforcement in Ireland was set up by the Irish Government on November 28, 2001 as a consequence of the proceedings and the conclusions of various review groups, courts, tribunals of inquiry and parliamentary committees in recent years...
subsequently applied to the High Court to have 9 senior managers barred from being an officer of any company.
CEO Resignation and Board revolt
The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto and Chairman Charles Allen.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.
New CEO and turnaround (2004-2009)
In February 2004, John Stewart was appointed CEO of NAB following the sacking of Frank Cicutto.John proceeded with a far reaching re-organisation of the company along regional lines leading to the appointment of Ahmed Fahour
Ahmed Fahour
Ahmed Fahour is a business executive currently serving as the Managing Director and CEO of Australia Post and was formerly the Chief Executive Officer of the Australian operations of the National Australia Bank .- Early life and career :...
as the CEO of Australia in September 2004.
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.
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
Accenture
Accenture plc is a global management consulting, technology services and outsourcing company headquartered in Dublin, Republic of Ireland. It is the largest consulting firm in the world and is a Fortune Global 500 company. As of September 2011, the company had more than 236,000 employees across...
. Later that year, it sold Northern Bank
Northern Bank
Northern Bank , is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres...
and National Irish Bank
National Irish Bank
National Irish Bank is a commercial bank in Ireland, one of the traditional Big Four. In December 2004 Danske Bank agreed to purchase National Irish Bank from the National Australia Bank for GB£967m ....
to the Danish Danske Bank
Danske Bank
Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....
. Over 200 additional jobs had been sent offshore by 2006.
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
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, and this took place in Aug 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
Infosys
Infosys Limited, formerly Infosys Technologies Limited is a global technology services company headquartered in Bangalore, India. It is the second largest IT exporter in India with 133,560 employees as of March 2011. It has offices in 33 countries and development centers in India, China,...
and Satyam, affecting another 260 employees.
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.
Customer Relationship Management turnaround
NAB is a large user of the SiebelSiebel Systems
Siebel CRM Systems, Inc. was a software company principally engaged in the design, development, marketing, and support of customer relationship management applications. The company was founded by Thomas Siebel in 1993. At first known mainly for its sales force automation products, the company...
and Teradata
Teradata
Teradata Corporation is a vendor specializing in data warehousing and analytic applications. Its products are commonly used by companies to manage data warehouses for analytics and business intelligence purposes. Teradata was formerly a division of NCR Corporation, with the spinoff from NCR on...
CRM systems.
Whilst NAB has received recognition as an early adopter and leader in CRM (Customer Relationship Management
Customer relationship management
Customer relationship management is a widely implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing,...
)
the system was reinvigorated in 2004/5 as part of the broader turnaround to support the new focus on cross-selling.
NAB also deployed its CRM system system to New Zealand and United Kingdom.
In 2006, NAB was named the winner of the IFS/Cap Gemini Financial Innovation awards for its CRM system, internally called "National Leads".
Launch of UBank (2008)
In October 2008, NAB launched a branchless direct bank bank trading separately as "UBank".NAB stated it aimed to attract new retail customers while operating independently to its other retail brands, and in its 2009 annual report, NAB claimed that this strategy had been "successful".
UBank operates under NAB's banking licence and participates in the Australian government's new deposit guarantee scheme.
Deposits were said to exceed over $500 million in one month.
UBank was cited as an example of effective use of nontraditional marketing such as social media
Social media
The term Social Media refers to the use of web-based and mobile technologies to turn communication into an interactive dialogue. Andreas Kaplan and Michael Haenlein define social media as "a group of Internet-based applications that build on the ideological and technological foundations of Web 2.0,...
, but also uses traditional marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
such as print
Printing
Printing is a process for reproducing text and image, typically with ink on paper using a printing press. It is often carried out as a large-scale industrial process, and is an essential part of publishing and transaction printing....
and television
Television
Television is a telecommunication medium for transmitting and receiving moving images that can be monochrome or colored, with accompanying sound...
.
NAB claimed UBank's "customer advocacy
Customer advocacy
Customer advocacy is a specialized form of customer service in which companies focus on what is best for the customer. It is a change in a company's culture that is supported by customer-focused customer service and marketing techniques....
and satisfaction levels" to be "amongst the highest of any institution in Australia"
In August 2009, UBank launched a new online savings account ("USaver") that was reported to differentiate through its easy online application process.
In its 2009 annual report, NAB claimed "almost 10,000 new customers in a month" for UBank's USaver product.
UBank has been acknowledged as the driver of NAB's fast growth in deposit market share compared to other major banks.
In December 2009, UBank's USaver online savings account was awarded Money Magazine
Money Magazine
Money Magazine is a business news and financial programme that is broadcast on Sundays at 7:00pm in Hong Kong by television channel TVB Pearl.-Producers and reporters:...
's "Best of the Best" award.
NAB's UBank has been compared to Qantas
Qantas
Qantas Airways Limited is the flag carrier of Australia. The name was originally "QANTAS", an initialism for "Queensland and Northern Territory Aerial Services". Nicknamed "The Flying Kangaroo", the airline is based in Sydney, with its main hub at Sydney Airport...
' Jetstar in terms of a strategy
Strategy
Strategy, a word of military origin, refers to a plan of action designed to achieve a particular goal. In military usage strategy is distinct from tactics, which are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked...
of internal innovation with the objective of opening new market segments for the parent company.
In February 2010, NAB stated that strong growth in UBank had positively impacted its household deposits.
June 2010, "New chief appointed to NAB's UBank" Alex Twigg.
At an Investor Briefing in February 2011, Executive Director & Group CFO, Mark Joiner, reported "UBank’s now well over $7 billion" when asked the source of the groups growth in deposits.
In February 2011, UBank launched its first home loan product (dubbed "UHomeloan"). Only 10 days after its launch, UBank dropped the interest rate of its loan by 0.10%pa
March 2011 : Cameron Clyne NAB Group CEO in Switzer interview confirms UBank has grown to $10 billion in deposits and will become a full service retail bank.
In October 2011 UBank was internationally recognised for leading retail banking innovation winning the BAI Financial Global Product Innovation Award for its refinance mortgage UHomeloan.
New CEO & New Strategy
Since his appointment in January 2009, CEO Cameron Clyne has undertaken a strategy of reputation change, wealth management and a focus on Australia.Retail banking: Price Competition and Differentiation Strategy
As part of this strategy, NAB's underweight retail bank has - under the leadership of Lisa Gray - attempted to increase market share by competing on price and cutting fees. While initially denting earnings in the division, the strategy has been more successful over the medium term, with cash earnings, market share and customer satisfaction all rising since it began in 2009.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. The campaign received both a positive and negative reception. It also attracted swift competitive responses from other major banks. The campaign won an advertising award at Cannes.
In 2009, NAB acquired the mortgage business of Challenger Financial Services
Challenger Financial Services
Challenger Limited is an Australian diversified financial services company listed on the Australian Stock Exchange. The principal activities of the company are in funds and asset management....
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.
Wealth: Acquisition Strategy
The bank capitalised on the post GFC environment to attempt a number of acquisitions for its wealth management division.In June it paid A$825m ($660m:£401m) for UK insurer Aviva
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
's Australian wealth management businesses, including their Navigator platform. NAB beat off competition from AMP
AMP Limited
AMP Limited is an Australian financial corporation. It operates primarily in Australia and New Zealand. AMP formed in 1849 as the Australian Mutual Provident Society, a non-profit life insurance company. In 1998 it was demutualised and listed on the Australian and New Zealand stock exchanges...
for Navigator. In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere, for A$99m.
In December 2009 NAB began a 9 month attempt to purchase AXA Asia Pacific. This attempt was blocked twice by the ACCC
Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission is an independent authority of the Australia government. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974...
. 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
Wrap account
A wrap account is a means of consolidating and managing an investor's investment portfolio and financial plans online. Wrap fee services are offered by many financial instutions. Often wrap services are offered for a fee or a series of charges. These charges cover all administrative and management...
. NAB subsequently lodged a revised bid which aimed to address these concerns however was rejected a second time in September of that year. The AXA deal's drawn out process drew criticism for the Bank's under performance.
Technology: Core System Upgrade and Transaction Processing Failures
Clyne has accelerated the bank's core banking platform upgrade, dubbed "NextGen", which is replacing legacy systems which are up to 40 years old with an OracleOracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
-based solution. UBank was reported to be the first beneficiary of this project. In total, the project is expected to be completed in 2014 and cost $1 billion.
On 24 November 2010, NAB suffered a system malfunction resulting in the failure of accounts processing. As a result, many NAB customers suffered, as well as non NAB customers. The malfunction was caused by a corruption of a irreplaceable system file. This issue has been dubbed by some commentators as one of the biggest failures in the history of the Australian banking system.
Mergers and acquisitions activity
| Year | Entity bought/sold | (A)quisition/ (D)ivestiture |
|---|---|---|
| 1918 | Colonial Bank of Australasia | A |
| 1922 | Bank of Queensland | A |
| 1948 | Queensland National Bank | A |
| 1955 | Ballarat Banking Company | A |
| 1981 | Commercial Banking Company of Sydney | A |
| 1987 | Clydesdale Bank | A |
| 1987 | Northern Bank | A |
| 1992 | Bank of New Zealand | A |
| 1993 | Bank of South Pacific Bank of South Pacific Bank South Pacific is Papua New Guinea’s largest bank, with 35 branches throughout the country and in operation in 4 countries. BSP currently services over 650,000 business banking customers throughout the Pacific... |
D |
| 1995 | Michigan National Bank | A |
| 1997 | Homeside Lending | A |
| 2000 | MLC | A |
| 2000 | Michigan National Bank | D |
| 2001 | Homeside Lending | D |
| 2005 | Northern Bank | D |
| 2008 | Great Western Bank Great Western Bank (Midwest) Great Western Bank is a community bank based in Sioux Falls, South Dakota. There are nearly 200 locations in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. Great Western Bank currently has assets in excess of $8 billion.-History:... |
A |
| 2009 | Aviva | A |
| 2009 | Goldman Sachs JB Were | A |
| 2009 | Challenger Financial Services | A |
Board of Directors
| Name | Type |
|---|---|
| Michael Chaney | Chairman |
| Cameron Clyne Cameron Clyne Cameron Clyne is an Australian businessman, currently executive Director & Managing Director and Group CEO of the National Australia Bank Group, a position to which he was appointed on 1 January 2009... |
Executive Director (Group CEO) |
| Patricia Cross | Non-Executive Director |
| Daniel Gilbert Daniel Gilbert Daniel Todd Gilbert is Professor of Psychology at Harvard University. He is a social psychologist who is known for his research on affective forecasting, with a special emphasis on cognitive biases such as the impact bias... |
Non-Executive Director |
| Mark Joiner | Executive Director (Group CFO) |
| Paul Rizzo | Non-Executive Director |
| Jillian S Segal | Non-Executive Director |
| John Thorn John Thorn John Thorn is a noted sports historian, and the Official Baseball Historian for Major League Baseball.-Early life:Thorn was born in Stuttgart, West Germany. His Polish Jewish parents had come there as refugees. He immigrated to the United States in 1949... |
Non-Executive Director |
| Geoffrey Tomlinson | Non-Executive Director |
| Michael Ullmer | Executive Director (Group Deputy MD) |
| Sir Malcolm Williamson | Non-Executive Director |
| John Waller John Waller John Waller is an American Contemporary Christian musician, a singer-songwriter.-Early life:John was the lead singer for the late-1990s band According to John... |
Chairman of BNZ |
| Anthony Yuen | Non-Executive Director (Group Managing Director, Asia Pacific, Royal Bank of Scotland Royal Bank of Scotland The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the... ) |
Executive Committee
| Executive | Title |
|---|---|
| Cameron Clyne Cameron Clyne Cameron Clyne is an Australian businessman, currently executive Director & Managing Director and Group CEO of the National Australia Bank Group, a position to which he was appointed on 1 January 2009... |
Group Chief Executive Officer |
| Michael Ullmer | Deputy Chief Executive Officer |
| Lisa Gray | Group Executive Personal Banking |
| Joseph Healy | Group Executive Business Banking |
| Rick Sawers | Group Executive Wholesale Banking |
| Steve Tucker | Group Executive Wealth |
| Lynne Peacock | CEO United Kingdom |
| Mark Joiner | Finance Director |
| Bruce Munro | Group Chief Risk Officer |
| Andrew Thorburn | Group Executive New Zealand, Asia and the United States |
| Gavin Slater | Chief Executive Group Business Services |
| Michaela Healey | Group Executive Group Governance |
Past chief executives
| Service years | CEO |
|---|---|
| 2009- | Cameron Clyne Cameron Clyne Cameron Clyne is an Australian businessman, currently executive Director & Managing Director and Group CEO of the National Australia Bank Group, a position to which he was appointed on 1 January 2009... |
| 2004–2009 | John Stewart |
| 1999–2004 | Frank Cicutto |
| 1990–1999 | Don Argus Don Argus Donald Robert Argus AC is an Australian businessman, and the former chairman of BHP Billiton and Brambles. He stepped down as Chairman in favour of Jacques Nasser in 2010.... |
Key Initiatives
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. In 2009, NAB become the largest Fairtrade accredited workplace in Australia through purchasing Fairtrade tea, coffee and hot chocolate for their offices and retail branches. 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. NAB became one of Australia’s largest carbon neutral companies in September 2010. NAB ranked equal first among financial service companies in the Global 500 companies in the 2010 Carbon Disclosure Leadership Index.Sponsorship and scholarships
During this period, NAB emerged as a major sponsor of Australian rules footballAustralian rules football
Australian rules football, officially known as Australian football, also called football, Aussie rules or footy is a sport played between two teams of 22 players on either...
, both at grassroots and elite level. It supports Auskick
Auskick
Auskick is a national program in Australia to develop and promote participation in Australian rules football by children. It has proven to be popular with both boys and girls....
, an initiative to improve young footballers, as well as the NAB Cup (an Australian Football League
Australian Football League
The Australian Football League is both the governing body and the major professional competition in the sport of Australian rules football...
pre-season competition), the NAB AFL Rising Star award; and the AFL National Draft. Other significant sporting sponsorships included the Socceroos, and the 2006 Commonwealth Games
2006 Commonwealth Games
The 2006 Commonwealth Games were held in Melbourne, Victoria, Australia between 15 March and 26 March 2006. It was the largest sporting event to be staged in Melbourne, eclipsing the 1956 Summer Olympics in terms of the number of teams competing, athletes competing, and events being held.The site...
. 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 cleanup of flood affected in Queensland and Victoria. From 2008-2010 NAB is sponsoring the South Sydney Rabbitohs
South Sydney Rabbitohs
The South Sydney Rabbitohs are an Australian professional rugby league football team based in Redfern, a suburb of South-central Sydney, New South Wales. They participate in the National Rugby League premiership and are one of nine existing teams from the state capital...
.
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.
Geography
While NAB operates in several jurisdictions globally, it earns the bulk of its revenue from its Australian operations. The bank owns two retail/commercial banks in the UK, Yorkshire and Clydesdale. In NZ it operates BNZ and in the US it owns a small agribusiness focussed bank called Great Western. The Business Banking and Wholesale divisions of NAB have offices in London, New York, Hong Kong, Singapore, Tokyo and Shanghai. These are aimed at servicing the needs of corporate and institutional customers, which include market risk management (eg foreign exchange or interest rate hedging), trade finance and bond issuance.Revenue by geography in 2010 is summarised in the table below.
| Region | Revenue share |
|---|---|
| Australia | 74% |
| UK | 14% |
| New Zealand | 7% |
| USA | 4% |
| Asia | 1% |
Financial summary
Sourced from NAB financial results.| Financial Year | Cash Profit, $m | Total Assets, $b |
|---|---|---|
| 2010 | 4,225 | 686 |
| 2009 | 3,841 | 654 |
| 2008 | 3,916 | 657 |
| 2007 | 4,386 | 612 |
| 2006 | 3,782 | 484 |
| 2005 | 3,156 | 423 |
External links
- NAB Group - Official NAB Corporate Site
- National Australia Bank - Australia Region
- MLC Investments Official MLC website
- UBank Official UBank website
- UBank Page Official UBank page
- Fortune Global 500 listing
- National Australia Bank stock chart
- CBC Officers Club