National Australia Bank (NAB)

Stock Code

NAB

Stock Exchange

Australian Securities Exchange

National Australia Bank is a group of companies which provides banking and financial products and services to individuals, small business and corporations. NAB was listed on the ASX on 1 January, 1974. National Australia Bank is one of the leading Australian banks and also has operations located in New Zealand and UK. In UK they operate through Cyldesdale bank and Yorkshire Bank, while in Nez Zealand they operate under the Bank of New Zealand brand.

National Australia Bank (NAB) Company History

The National Australia Bank Group (NABG) was founded in 1858. It was originally called the National Bank of Australia however in 1981, after it merged with the Commercial Banking Company of Sydney; its name was changed to The National Australia Bank Group. The group has implemented organic and inorganic strategies leading to its expansion worldwide.

In 2000, NABG expanded further by acquiring MLC. In the same year, the group divested Michigan National, its operations in the US. In 2002, the Washington Mutual bought the US-based Home side mortgage of the NABG. Two years later, the stakes in HHG, AMP, and St. George Bank were sold. After this, the National Australia Bank Group's subsidiary in Thailand bought the MLC business of the group. A month after, in the same year, the group's stake in National Irish Bank as well as in Northern Bank was divested to Danske Bank. The acquisition of the remaining interests in the HKMLC Holdings was completed by the National Australia Bank Group in 2005.

The purchase of Assure New Zealand for the BNZ Investment Management was completed by NABG in January 2006. Assure New Zealand is a wholly owned subsidiary of the AXA Asia Pacific Holdings. The transfer of the UK Clydesdale as well as the investment management of Yorkshire Bank was transferred to the Tilney Investment Management and this transfer was approved by NABG. In the month of May of the same year, NABG signed an agreement with GE Commercial Finance to sell the CustomFleet business to the latter. It was also in the same month when the agreement to sell the MLC Life Insurance business in Indonesia and Hong Kong to AXA Asia Pacific Holdings was signed.