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National Australia bank plans terms of exit from UK unit

CANBERRA: National Australia Bank Ltd. plans to give its shareholders one security in its U.K. unit CYBG Plc for every four NAB shares they own as part of a plan to exit overseas investments and focus on Australia and New Zealand. National Australia will seek shareholder approval for the demerger Jan. 27, the Melbourne-based lender said in a statement to ... Read More »

National Australia Bank shares price ride 0.9% higher

CANBERRA: This morning the National Australia Bank Ltd. (ASX: NAB) share price was riding 0.9% higher after the bank confirmed it’s proceeding with the divestment of its UK subsidiary, Clydesdale Bank. In late 2014 and again earlier this year, NAB’s newly established CEO, Andrew Thorburn, made plans to divest the troubled UK business to public markets. The plan was to ... Read More »

National Australia Bank says profit up by nearly 20% from 2014

CANBERRA: National Australia Bank says more income from lending and investments, stronger markets, and fewer bad debts helped it post a rise in annual earnings. After-tax profit for the 2015 financial year came in at $6.3 billion, up by nearly 20 per cent from a year ago. The bank’s preferred measure, cash earnings, increased nearly 16 per cent to $5.8 ... Read More »

Australian dollar falls to 68 US cents in 2016, National Australia Bank

CANBERRA: National Australia Bank (NAB) Agribusiness has revised down its Australian dollar (AUD) forecast to be at 70 US cents by the end of year and to bottom out in Q1 2016 at 68 US cents (previously 71 US cents). The revision in NAB’s August Rural Commodities Wrap is in light of the recent depreciation of the Chinese Yuan, combined ... Read More »

Australian dollar falls to 68 US cents in 2016, National Australia Bank

CANBERRA: National Australia Bank (NAB) Agribusiness has revised down its Australian dollar (AUD) forecast to be at 70 US cents by the end of year and to bottom out in Q1 2016 at 68 US cents (previously 71 US cents). The revision in NAB’s August Rural Commodities Wrap is in light of the recent depreciation of the Chinese Yuan, combined ... Read More »

National Australia bank posts 9.4% increase in Q3 profit

CANBERRA: National Australia Bank Ltd. posted a 9.4 percent increase in third-quarter profit as lower bad-debt charges helped offset a drop in interest margins. The lender flagged more provisions for its U.K. unit. Unaudited cash profit, which excludes one-time items, climbed to about A$1.75 billion ($1.3 billion) in the three months ended June 30 from A$1.6 billion reported a year ... Read More »

National Australia Bank to expand business lending $2b

CANBERRA: National Australia Bank, the smallest of the big four banks, is fighting for a greater share of the business lending sector, doubling its monthly business lending target and flagging plans to hire 200 new bankers. The lender today said it was lending around $2 billion a month to businesses, going above the target pledged by NAB last year. The ... Read More »

National Australia Bank move to sell down remaining stake of US business

CANBERRA: National Australia Bank has moved to sell down its remaining stake in its former US subsidiary Great Western Bancorp. The bank has notified US regulators that it plans to carry out another offering of its holding in Great Western, which was floated late last year. NAB currently holds 28.5 per cent of the regional lender, having sold down the ... Read More »

National Australia Bank move to sell down remaining stake of US business

CANBERRA: National Australia Bank has moved to sell down its remaining stake in its former US subsidiary Great Western Bancorp. The bank has notified US regulators that it plans to carry out another offering of its holding in Great Western, which was floated late last year. NAB currently holds 28.5 per cent of the regional lender, having sold down the ... Read More »

National Australia Bank completes $5.5bn capital raising

CANBERRA: National Australia Bank has completed its $5.5 billion capital raising after selling more than 28 million shares overnight on Thursday. The bank on Thursday announced retail investors had only taken up 72 per cent of the shares in its retail entitlement offer, forcing it to conduct a shortfall bookbuild. The shortfall bookbuild, which was carried out after the close ... Read More »

National Australia Bank to raise $4.4b for UK exit banking market

LONDON: National Australia Bank, the country’s largest lender by assets, said it would raise A$5.5bn (US$4.4bn) in a bid to lift its tier one capital ratio and enable its exit from the UK banking market. The company plans to issue 194m new ordinary shares at A$28.50 apiece. The move will reduce cash earnings per share for the March 2015 half ... Read More »

National Australia Bank still open to offers for UK business

LONDON: National Australia Bank has not ruled out an outright sale of its British business, after outlining preliminary plans to list Clydesdale Bank on the London Stock Exchange by the end of the year. Debbie Crosbie, acting chief executive of the UK business, said on Thursday that NAB was keeping its options open. Although an initial public offer of the ... Read More »

National Australia Bank shares rise to 7-year high, earnings touch A$1.65 billion in 3 months

MELBOURNE: The National Australia Bank Limited (NAB) shares rose to a seven year high after the lender posted a 6 per cent increase in first quarter profit amid increased mortgage demand and higher markets income. National Australia shares rose 1.3 per cent to a seven year high of A$36.97. The stock gained 10 per cent this year, the most among ... Read More »

National Australia Bank says David Thorburn quits as bank plans exit from UK market

SYDENY:  National Australia Bank (NAB) said David Thorburn had quit as chief executive of the bank’s troubled British business Clydesdale Bank. NAB did not name any successor to Thorburn, who has been Clydesdale CEO for almost four years and joined the bank in 1993. NAB also owns Yorkshire Bank in Britain, which Thorburn also ran. NAB said in October it was looking ... Read More »

ANZ Australian bank posts record annual profit of $7.3b

AUSTRALIA: ANZ is one of the Australia’s biggest lenders. The bank has announced a record annual profit of $7.3bn ($6.4bn, £4bn). The profit has increased 15 % than the previous year. Cash profit number is a preferred way to measure the performance of bank. Chief Executive of ANZ Mike Smith said it was a good performance from the bank and ... Read More »

Dollar stable in Asia ahead of Fed meeting

TOKYO: The US dollar was steady in Asia on Wednesday as traders eye the outcome of a Federal Reserve policy meeting later in the day. The greenback fetched 108.12 yen in afternoon Tokyo trade against 108.16 yen in New York. The euro was nearly flat at $1.2737 from $1.2733 and 137.73 yen against 137.74 yen. Currency markets were stuck in ... Read More »