National Australia Bank Limited (NAB) has confirmed that the Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings against the bank and its subsidiary, AFSH Nominees Pty Ltd (Advantedge), for alleged breaches of the National Credit Code. The proceedings, filed in the Federal Court on 15 November, involve hardship notices submitted by 345 […]
National Australia Bank Limited (NAB) has agreed to acquire the Australian consumer business of Citigroup for AUD 1.2 billion ($880 million). Citi’s Australian consumer bank business includes residential mortgages of AUD 7.9 billion, deposits of AUD 9 billion, and unsecured lending of AUD 4.3 billion, which will be transferred to National Australia Bank along with […]
National Australia Bank (NAB) has signed a deal worth NZD 290 million ($206.45 million) to divest BNZ Life, its life insurance business in New Zealand to Partners Life, a Kiwi life and health insurance company. The Australian lender is taking up the sale in order to focus on its main banking businesses in Australia and […]