Confusion Reigns Supreme at NAB with Resignation of Both Chairman and CEO. FVE AUD 30 Unchanged
We were not surprised by the announced departures of National Australia Bank’s Chairman, Dr Ken Henry and CEO Andrew Thorburn. As soon as the government released the Royal Commission, or RC, final report on Feb. 4, it was clear they had to go. Their positions were untenable, and we were surprised it took three days for the resignation announcement. The next 12 months will be a period of elevated uncertainty for Australia’s fourth-largest major bank. Nonetheless, we view the management and board ...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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