NAB is one of the four major Australian banks. As with the other major four banks, Australians have a love/hate relationship with NAB. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.
Facts and lender background
National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia and the Commercial Banking Company of Sydney. 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.
NAB is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with NAB.
NAB is publicly listed on the ASX. NAB also owns the brands UBank, Advantagedge, Homeside, PLAN, Choice and FAST.
40% of NAB's funding is from the wholesale capital market.
Product Review Rating
average is 2.1 / 5
You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.
Internet banking is available.
Customers can withdraw cash free of charge from any of the major banks ATMs.