National Australia Bank
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| Type | Public (ASX: NAB) |
|---|---|
| Industry | Banking Financial services |
| Founded | 23 June 1893 |
| Headquarters | Melbourne, Australia |
| Area served | Australia, New Zealand, UK, USA (selected), Asia: Hong Kong, Singapore, Japan |
| Key people |
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| Products | Business Banking Consumer Banking Wholesale Banking Wealth Management Insurance |
| Revenue |  $16,906 million AUD (2009) |
| Net income |  $3,841 million AUD (2009) |
| Total assets | $654 billion AUD (2009) |
| Employees | 38,953 [1] |
| Website | National Australia Bank nab Group MLC UBank |
National Australia Bank (or NAB) is one of the largest financial institutions and banks in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation,[2] it held total assets of A$657 billion as of 30 September 2008 and its operating income in 2008 was A$15.4 billion.[3] It operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers.[4]
NAB operates 1,714 branches and service centres and 2,939 ATMs globally.[4] NAB has a "AA" senior debt rating by S&P.[5]
Contents |
Core business
The National Australia Bank Group is organised into eight divisions, spread across four geographic regions.
| Region | Description | ||
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| Australia | |||
| Business Banking |
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| Personal Banking |
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| Wholesale Banking |
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| MLC & NAB Wealth |
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| Specialised Group Assets |
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| UK Banking |   |
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| NZ Banking |  |
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| US Banking |  |
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History
Early history
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 Melbourne. 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:
- Colonial Bank of Australasia (est. 1856) in 1918, bringing additional branches in Victoria 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 interests 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)
On the 8 September 1834 the Sydney Herald carried a notice titled "Commercial Banking Company of Sydney" proposing the establishment of a new bank.[7] It began operations on 1 November 1834[7] 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.[8] 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.[9]
1981-2000 merger and rapid overseas expansion
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).[10]
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.
2000-2004 Stalled expansion
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.
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 June 30, 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.
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 $A360 million had been covered up. Investigations by Price Waterhouse Coopers 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 ASIC and incurred jail terms.[11]
Tax evasion and customer overcharging in Ireland
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.[12] 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".[13] The Director of Corporate Enforcement subsequently applied to the High Court to have 9 senior managers barred from being an officer of any company.[14]
CEO Resignation and Board revolt
The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto and Chairman Charles Allen. [15] The resignations were preceded by a Board revolt where Catherine Walters emerged as a whistle blower citing serious culture issues at the company having lead to the string of failures. [16]
2004-2009 New CEO and turnaround
In February 2004, John Stewart was appointed CEO of NAB following the sacking of Frank Cicutto. [17] 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. [18]
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.[19]
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.[20] 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.[21]
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. [22] [23] 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,[24] 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.[25]
On 25 July 2008, NAB's announcement of an additional $830 million (AUD) provision associated with deterioration in US real estate markets triggered the biggest single-day fall in its share price in 21 years, wiping over $7 billion (AUD) from the stock's value.[26]
Sponsorship and scholarships
During this period, The National Australia Bank emerged as a major 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 include 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. 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.[27]
Customer Relationship Management turnaronud
NAB has been a large user of the Siebel and Teradata CRM systems.[28][29]
Whilst NAB has received recognition as an early adopter and leader in CRM (Customer Relationship Management) [30] the system was reinvigorated as part of the broader turnaround to support the new focus on cross-selling. [31][32]
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 National Leads system.[33]
Corporate responsibility 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.[34]
Launch of UBank
In October 2008, NAB launched a branchless direct bank bank trading separately as "UBank" under the leadership of NAB Executive Gerd Schenkel. [35] NAB stated it aimed to attract new retail customers while operating independently to its other retail brands [36], and in its 2009 annual report, NAB claims that this strategy has been "successful". [37]
UBank operates under NAB's banking license and participates in the Australian government's new deposit guarantee scheme.[38][39] Deposits were said to exceed over $500 million in one month.[40] [41] UBank was reported to be the first beneficiary of NAB's broad ranging technology replatforming project dubbed "NextGen".[42] [43]
UBank is cited as an example of effective use of nontraditional marketing such as social media [44][45], but also uses traditional marketing such as print [46] and television. [47] NAB claimed UBank's "customer advocacy and satisfaction levels" to be "amongst the highest of any institution in Australia" [48] In August 2009, UBank launched a new online savings account ("USaver") that was reported to differentiate through its easy online application process.[49][50] In its 2009 annual report, NAB claimed "almost 10,000 new customers in a month" for UBank's USaver product. [51]
Recently, UBank has been acknowledged as the driver of NAB's fast growth in deposit market share compared to other major banks.[52] [53] In December 2009, UBank's USaver online savings account was awarded Money Magazine's "Best of the Best" award.[54] 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. [55] In February 2010, NAB stated that strong growth in UBank had positively impacted its household deposits.[56] In March 2010, UBank was said to launch a mobile banking platform. [57]
Present Era
Since his appointment in January 2009[58], CEO Cameron Clyne has undertaken a strategy of reputation change, wealth management and a focus on Australia . To this end, the NAB's relatively weak retail bank has attempted to increase market share by competing on price and abolishing fees.[59] In wealth, the group has undertaken a number of acquisitions. In June 2009 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.[60] In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere, for A$99m.[61] In December 2009 NAB started an attempt to purchase AXA Asia Pacific. This attempt was blocked by the ACCC and as of August 2010 was still in progress.[62] The AXA deal has been a drawn out process, causing some commentators to worry about the Bank's performance.[63]
The post GFC environment has allowed the bank to pursue a number of other opportunistic acquisitions, including the mortgage business of Challenger Financial Services for $385 million in August 2009. This purchase also includes PLAN, Choice, and FAST mortgage aggregation businesses and approximately 17.5% in Homeloans Ltd.[64] NAB also purchased a small US bank for $75 million in June 2010.[65]
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 |
| 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 |
| 2009 | Aviva | A |
| 2009 | Goldman Sachs JB Were | A |
| 2009 | Challenger Financial Services | A |
Key people
Board of Directors
| Name | Type |
|---|---|
| Michael Chaney | Chairman |
| Cameron Clyne | Executive Director (Group CEO) |
| Patricia Cross | Non-Executive Director |
| Daniel Gilbert | Non-Executive Director |
| Mark Joiner | Executive Director (Group CFO) |
| Paul Rizzo | Non-Executive Director |
| Jillian S Segal | Non-Executive Director |
| John Thorn | Non-Executive Director |
| Geoffrey Tomlinson | Non-Executive Director |
| Michael Ullmer | Executive Director (Group Deputy MD) |
| Sir Malcolm Williamson | Non-Executive Director |
| John Waller | Chairman of BNZ |
| Anthony Yuen[66] | Non-Executive Director (Group Managing Director, Asia Pacific, Royal Bank of Scotland) |
Executive Committee
| Executive | Title |
|---|---|
| Cameron Clyne | 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 |
| 2004-2009 | John Stewart |
| 1999-2004 | Frank Cicutto |
| 1990-1999 | Don Argus |
Financial summary
Sourced from NAB financial results.[67]
| Financial Year | Cash Profit, $m | Total Assets, $b |
|---|---|---|
| 2009 | 3,841 | 654 |
| 2008 | 3,916 | 657 |
| 2007 | 4,386 | 612 |
| 2006 | 3,782 | 484 |
| 2005 | 3,156 | 423 |
References
- ↑ [1]
- ↑ Murdoch, Scott (2009-01-26). "Big Four Australian banks have joined the global elite". News Limited. The Australian. http://www.theaustralian.news.com.au/story/0,25197,24961870-643,00.html. Retrieved 2009-02-03.
- ↑ "2008 Full year financial results". NAB. 2008-10-21. http://www.nabgroup.com/0,,96273,00.html.
- ↑ 4.0 4.1 "2008 annual reports". NAB. http://nab2008annualreports.textpacific.com.au/.
- ↑ "NAB Debt Investor Presentation". NAB. May 2008. http://www.nabgroup.com/vgnmedia/downld/US_Debt_Investor_Update_(May_08)_FINAL.pdf. Retrieved 2009-06-22.
- ↑ Monthly Banking Statistics, Australian Prudential Regulation Authority, 30 April 2010
- ↑ 7.0 7.1 "Some Important Dates In The C.B.C.'s History". Macquarie Communications. 2008-09-28. http://www.cbcbank.com.au/images/Matters%20of%20Interest/History/Some%20dates.htm.
- ↑ "Directors (CBC)". Macquarie Communications. 2008-09-28. http://www.cbcbank.com.au/images/Matters%20of%20Interest/History/Directors/directors.htm.
- ↑ "Superbrands. NAB". Superbrands Australia. 12 June 2008. http://www.superbrands.com.au/BrandDetails.aspx?id=51.
- ↑ "NAB Annual Report 1996". NAB. 1996. http://www.nabgroup.com/vgnmedia/downld/1996AnnualReport.pdf.
- ↑ "Former NAB foreign currency options traders sentenced". Australian Securities and Investments Commission. 4 July 2006. http://www.asic.gov.au/asic/asic.nsf/byheadline/06-221+Former+NAB+foreign+currency+options+traders+sentenced?openDocument.
- ↑ "Summary of Report of the Investigation into the affairs of National Irish Bank Ltd and National Irish Financial Services Limited" (PDF). The High Court. 2004-07-30. http://www.odce.ie/_fileupload/publications/NIB_Summary.pdf.
- ↑ "Ex-NIB executive barred for 10 years by court". Eircom.net. 2005-10-27. http://home.eircom.net/content/irelandcom/topstories/6599623?view=Eircomnet.
- ↑ Director of Corporate Enforcement (2005-08-28). "ODCE seeks nine disqualifications arising from National Irish Bank / National Irish Bank Financial Services Report" (DOC). Press release. http://www.odce.ie/_fileupload/new/NIB_Disqualification_Applications_Hearing50728.doc.
- ↑ "Frank Cicutto Resigns as NAB boss". ABC The World Today. 2 February 2004. http://www.abc.net.au/worldtoday/content/2004/s1036288.htm.
- ↑ "Cathy Walter: parent, achiever, dissident". The Age (Melbourne). 2004-04-04. http://www.theage.com.au/articles/2004/04/03/1080941721594.html.
- ↑ http://www.nabgroup.com/0,,41693,00.html
- ↑ http://www.nabgroup.com/0,,34695,00.html
- ↑ "NAB mixes job cuts with record profits". The Age (Melbourne). 11 May 2005. http://www.theage.com.au/news/Business/NAB-mixes-job-cuts-with-record-profits/2005/05/11/1115584998575.html.
- ↑ "NAB to export 23 jobs to India". Sydney Morning Herald. 26 September 2005. http://www.smh.com.au/news/business/nab-to-export-23-jobs-to-india/2005/09/26/1127586800351.html.
- ↑ "Spotlight on National Australia Bank". Financial Sector Union. http://www.bankcheck.net.au/nab_bank.html.
- ↑ "National Australia Bank Officially Opens New Flagship Docklands Complex". NAB. http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/29/23.
- ↑ "NATIONAL @ DOCKLANDS". Architecture Australia. http://www.archmedia.com.au/aa/aaissue.php?issueid=200501&article=9&typeon=2.
- ↑ "National Australia Bank Earnings". CNBC. 2007-05-09. http://www.cnbc.com/id/18477329/.
- ↑ "NAB sends jobs offshore". The Australian. 2008-03-04. http://www.australianit.news.com.au/story/0,24897,23313704-15306,00.html. Retrieved 2008-03-04.
- ↑ "NAB's $7 billion wipeout". The Age, Melbourne. 2008-07-25. http://business.theage.com.au/business/nabs-7-billion-wipeout-20080725-3kwo.html. Retrieved 2008-07-25.
- ↑ "NAB Sheikh Fehmi El-Imam Scholarship". NAB. http://www.nab.com.au/wps/wcm/connect/nab/nab/home/About_Us/4/1/1/7/6. Retrieved 14 April 2010.
- ↑ "National Australia Bank receives global recognition in Customer Relationship Management". NAB media release. 10 December 2003. http://www.national.com.au/About_Us/0,,39413,00.htm.
- ↑ "NAB's track record a winner". Sydney Morning Herald. 22 February 2005. http://www.smh.com.au/articles/2005/02/21/1108834695957.html.
- ↑ "National Australia Bank and Teradata Win Overall NCDM Award for Excellence in Database Marketing". 17 December 2008. http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:TDC&feed=BW&date=20081217&id=9458691.
- ↑ "CRM adopter plays catch-up". The Australian. 19 September 2006. http://australianit.news.com.au/articles/0,7204,20435270%5E15306%5E%5Enbv%5E,00.html?from=rss.
- ↑ "Bank's CRM revamp hits half-way mark". Computerworld. 16 March 2006. http://www.computerworld.com.au/index.php/id;981862231.
- ↑ "ifs/Capgemini Financial Innovation Awards 2006". ifs School of Finance. http://www.ifslearning.com/events/financial_innovation_awards/fia_winners_2006.cfm.
- ↑ "2008 Shareholder Review". National Australia Bank. http://nab2008annualreports.textpacific.com.au/shareholder_review/corporate_responsibility_highlights.asp. Retrieved 2009-02-20.
- ↑ http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/37/32
- ↑ Lekakis, George (2008-10-02). "NAB moves into new territory with U". Melbourne Herald-Sun. http://www.news.com.au/heraldsun/story/0,21985,24433157-664,00.html. Retrieved 2008-10-02.
- ↑ "2009 Annual Report". NAB. 2009-12. http://www.nabgroup.com/vgnmedia/downld/2009HYResultsFinalSec4_LowRes.pdf.
- ↑ "About us - Customer help - UBank - A good place for money. Backed by NAB". UBank. http://www.ubank.com.au/customerHelp/customerhelp-aboutus.html. Retrieved 2008-10-29.
- ↑ "UBank - who we are". UBank. http://www.ubank.com.au/whoWeAre/whoweare-backed.html.
- ↑ "UBank collects $500 m in first month". The Sheet. 2008-11-04. http://www.thesheet.com.au/index.php?keyword=ubank&quicksearch=Search&sub_search=9. Retrieved 2009-06-22.
- ↑ "NAB Australian Region market update". NAB. 2008-11-17. http://www.nabgroup.com/vgnmedia/downld/20081117_AusRegionMarketUpdateASX&Presentation.pdf.
- ↑ "NAB UBank IT 'well advanced'". ZDNet. 2009-04-29. http://www.zdnet.com.au/news/software/soa/NAB-UBank-IT-well-advanced-/0,130061733,339296173,00.htm.
- ↑ "Roadmap for $1b IT overhaul done: NAB". The Australian. 2009-04-28. http://www.australianit.news.com.au/story/0,24897,25400108-15306,00.html.
- ↑ "NAB goes online to reach people allergic to banks". Sydney Morning Herald. 2009-04-23. http://business.smh.com.au/business/nab-goes-online-to-reach-people-allergic-to-banks-20090422-aff4.html.
- ↑ "UBank". Twitter. http://twitter.com/UBANK.
- ↑ "See more executions from UBank’s USaver press campaign.". Newspaper works. 2009-09-20. http://www.thenewspaperworks.com.au/go/news/more-ubank-press-ads/daf9931e-5056-887e-a6cdf594b5869732.
- ↑ "USaver TV Commercial". UBank Moneybox. 2009-08-15. http://www.youtube.com/watch?v=DSoQ76mOqJE.
- ↑ "UBank Fact Sheet". National Australia Bank. 2009-06-30. http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+fact+sheet.
- ↑ "NAB pioneers 'five minute' online bank account". IT Wire. 2009-08-06. http://www.itwire.com/content/view/26780/1231/.
- ↑ "UBank launches on-line savings account with unbeaten interest rate". NAB. 2009-08-06. http://nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/14/ubank+launches+on-line+savings+account+with+unbeaten+interest+rate.
- ↑ "2009 Annual Report". NAB. 2009-11-01. http://annualreports.nabgroup.com.au/sr/retail-banking.
- ↑ "NAB deposit tactics show promise". The Sheet. 2009-12-01. http://www.thesheet.com/nl06_news_selected.php?act=2&selkey=9234&stream=1.
- ↑ "Big two grab largest slice of credit". Australian Financial Review. 2009-12-02. http://www.afr.com/Page/Uuid/7c4881ac-de94-11de-a2b9-2bf02112987a.
- ↑ "Best of the Best: 2010 Survival Guide". A Current Affair, Channel 9. 2009-12-01. http://aca.ninemsn.com.au/article.aspx?id=978355.
- ↑ "Can NAB’s Ubank emulate Jetstar?". Business Spectator. 2009-12-07. http://www.businessspectator.com.au/bs.nsf/article/can-nabs-ubank-emulate-jetsar-pd20091207-ygv27?opendocument&src=blb&is=financial%20services&blog=on%20credit.
- ↑ "December Quarter Trading Update". National Australia Bank Limited. 2010-02-19. http://www.nabgroup.com/vgnmedia/downld/20100219_TradingUpdate.pdf.
- ↑ "UBank to launch mobile banking this year". IT Wire. 2010-03-18. http://www.itwire.com/business-it-news/networking/37701-ubank-to-launch-mobile-banking-this-year.
- ↑ "NAB axes Fahour's role in rejig". The Age, Melbourne. 2008-12-18. http://business.theage.com.au/business/nab-axes-fahours-role-in-rejig-20081218-711m.html. Retrieved 2009-06-22.
- ↑ NAB earnings expected to trail rivals
- ↑ "Aviva sells Australian Business". BBC. 2009-06-22. http://news.bbc.co.uk/2/hi/business/8112145.stm.
- ↑ "NAB snaps up 80% of JBWere wealth unit". The Age. 2009-07-29. http://business.theage.com.au/business/nab-snaps-up-80-of-jbwere-wealth-unit-20090729-e0ph.html.
- ↑ http://www.businessspectator.com.au/bs.nsf/Article/ACCC-blocks-NABS-AXA-bid-pd20100419-4NAUP?opendocument&src=rss
- ↑ Ferguson, Adele (2010-03-22). "Angst over Axa and worries over bank's performance: the woes of Cameron Clyne". The Sydney Morning Herald. http://www.smh.com.au/business/angst-over-axa-and-worries-over-banks-performance-the-woes-of-cameron-clyne-20100321-qo43.html.
- ↑ "NAB to acquire Challenger's mortgage management business". ASX. 2009-08-18. http://www.asx.com.au/asxpdf/20090818/pdf/31k4gpjw53cn6r.pdf.
- ↑ http://www.theaustralian.com.au/business/opinion/nab-strategy-lacking-in-us-buy/story-e6frg9io-1225876452521
- ↑ "ASX Announcement: Anthony Yuen appointed to National Australia Bank Board". National Australia Bank Limited. 2010-02-04. http://www.nabgroup.com/vgnmedia/downld/20100204_NABBoardApp.pdf.
- ↑ "Financial Results". NAB. http://www.nabgroup.com/0,,32862,00.html/.
External links
- NAB Group - Official NAB Corporate Site
- National Australia Bank - Australia Region
- MLC Official MLC website
- UBank Official UBank website
- UBank Page Official UBank page
- Fortune Global 500 listing
- National Australia Bank stock chart
- CBC Officers Club
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