APRA Requires Three Australian Major Banks to Hold More Operational Risk Capital. No FVE Changes
The banking regulator, Australian Prudential Regulation Authority, or APRA, has forced three of the four major banks to hold, on a temporary basis, an additional AUD 500 million each in operational risk capital requirement. APRA’s initiative is in response to the culture, governance and accountability self-assessment process carried out by Australia and New Zealand Banking Group, National Australia Bank, and Westpac Banking Corporation. In short, APRA believes the three major banks need to impro...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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