National Australia Bank (nab) history, company profile (overview) and history video
National Australia Bank Ltd. (NAB) is an Australian financial services company headquartered in Melbourne, Australia.
The company offers corporate and retail banking through NAB, UBank, and Bank of New Zealand. It also offers wealth management, advice and trading through NAB Private Wealth in collaboration with JBWere and nabtrade.
NAB also encompasses the healthcare banking and finance businesses HICAPS, and Medfin, as part of NAB Health and a wholesale funder and distributor of white label home loans, Advantedge.
HISTORY
National Australia Bank was formed in 1982 as National Commercial Banking Corporation of Australia Limited by the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney (CBC). National Commercial Banking Corporation of Australia Limited was subsequently renamed National Australia Bank Limited.
National Bank of Australasia
The National Bank of Australasia was founded in 1858 when Alexander Gibb, a Melbourne citizen, enlisted Andrew Cruickshank, a local merchant and pastoralist, to raise the capital required for establishing the National Bank of Australasia with headquarters in Melbourne.
Commercial Banking Company of Sydney Limited
The Commercial Banking Company of Sydney Limited began operations in 1834 and was incorporated in 1848 by an Act of the New South Wales Parliament.
In 1987, NAB acquired Clydesdale Bank (Scotland) and Northern Bank (Northern Ireland and the Republic of Ireland) from Midland Bank. It then rebranded Northern Bank branches in the Republic of Ireland to National Irish Bank.
In 1990, NAB acquired Yorkshire Bank (England and Wales).
In 1992, NAB acquired the Bank of New Zealand.
In 1995, NAB acquired Michigan National Bank (MNB).
In 2000, NAB acquired MLC Limited. The acquisition is considered one of the biggest mergers in Australian corporate history. That year, NAB also sold Michigan National Bank to ABN AMRO.
In 2005, NAB sold Northern Bank and National Irish Bank to the Danish Danske Bank.
In 2008, NAB launched a branchless direct bank trading separately as UBank.
In 2009, NAB acquired the mortgage business of Challenger Financial Services, including the PLAN, Choice, and FAST mortgage aggregation businesses.
In June 2009, NAB acquired the UK insurer Aviva‘s Australian wealth management businesses, including their Navigator platform.
In July 2009, NAB acquired the private wealth management division of Goldman Sachs JBWere.
In 2015, NAB demerged its Clydesdale and Yorkshire Bank business in the UK, through an initial public offering. The business was floated on the London Stock Exchange and Australian Securities Exchange under a new holding company, CYBG plc.
In 2021, NAB acquired the neobank and subsequently merged it with UBank.
In 2022, National Australia Bank Limited (NAB) acquired Citigroup’s consumer banking business in Australia from Citigroup Pty Ltd (Citi), a branch of Citibank.
OPERATIONS
The company operates mainly in Australia and New Zealand, with other businesses located in Asia, the UK, and the US.
Australian banking
The Australian banking segment, including personal and business banking, offers banking products and services to retail and business customers, ranging from small and medium enterprises to Australia’s largest institutions. It also comprises markets, specialized finance, debt markets, asset servicing, and treasury.
Its personal banking products are provided through various channels, including NAB, nabtrade and UBank.
Its business banking products cater to customers’ needs with specialist expertise in Agribusiness, property, health, government, education and community.
New Zealand banking
The New Zealand banking segment comprises the retail, business, corporate and insurance franchises in New Zealand, operating under the Bank of New Zealand (BNZ) brand.
With more than 35,000 employees, National Australia Bank Ltd. is considered one of the largest financial institutions in Australia. According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and ”www.nab.com.au”.
***Video published on YouTube by “Companies History“.