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National Australia Bank

National Australia Bank

National Australia Bank is a financial institution in Melbourne, Australia founded in 1858.

Overview

National Australia Bank (NAB) is a financial institution in Melbourne, Australia that primarily provides banking for Australia, New Zealand, the United Kingdom, and Asia. The bank's services include banking, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management and custodian, trustee and nominee services. The company operates through five segments:

  1. Consumer Banking & Wealth
  2. Business & Private Banking
  3. Corporate & Institutional Banking
  4. NZ Banking
  5. Corporate Functions & Other

NAB was founded on October 4, 1948, as The National Bank of Australasia, by Australians Alexander Gibb and Andrew Cruickshank. Throughout the next fifty years, the bank acquired the Colonial Bank of Australasia in 1918, the Bank of Queensland in 1922, Queensland National Bank in 1948, and Ballarat Banking Company in 1955. In 1982, National Bank of Australasia and Commercial Banking Company of Sydney merged as NAB.

NAB is one of the Big Four in Australia, alongside Commonwealth Bank (Commbank), Westpac, and Australia and New Zealand Banking Group (ANZ). It is the only bank of the Big Four that doesn't charge monthly account-keeping fees. Of the four, NAB is the third-largest by market share, holding $57.37 billion. Today, NAB has more than 32,000 employees, serving over 8 million customers, at over 700 locations throughout Australia, New Zealand, and around the world.

Ross McEwan became NAB's CEO and managing director in December 2019. McEwan came from the Royal Bank of Scotland (RBS), where he served as RBS Group CEO from 2013 to 2019. McEwan has more than thirty years of experience in the finance, insurance, and investment industries.

Timeline

December 2019
Ross McEwan becomes CEO and Managing Director of NAB.
1955
The bank acquires Ballarat Banking Company.
1948
The bank acquires Queensland National Bank.
1922
The bank acquires the Bank of Queensland.
1918
The bank acquires the Colonial Bank of Australasia.
October 4, 1858
National Australia Bank is founded in Melbourne, Australia.

Patents

Further Resources

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News

Title
Author
Date
Publisher
Description
Reuters
August 23, 2021
@bsindia
The dollar index , which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4
Gregory Magana
February 1, 2021
Business Insider
National Australia Bank's (NAB) purchase of 86 400 marks the second neobank exit from the market in as many months.
Reuters
November 9, 2020
@bsindia
Shares surged, oil prices jumped and the dollar stayed weak as expectations of fewer regulatory changes and more monetary stimulus under US president-elect Joe Biden supported risk appetite
Sue Lannin
November 4, 2020
www.abc.net.au
National Australia Bank takes a hit to its annual earnings as it puts aside money to cover loan losses from the economic impact of coronavirus and pay compensation to customers for financial scandals.
Omar Faridi
June 8, 2020
Crowdfund Insider
National Australia Bank CEO Ross McEwan reveals that adoption of digital payments has surged dramatically due to COVID-19.
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References

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