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:
- Consumer Banking & Wealth
- Business & Private Banking
- Corporate & Institutional Banking
- NZ Banking
- 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.