NAB Shuffles Senior Executive Ranks Again; FVE Unchanged at AUD 32
Wide-moat National Australia Bank’s most recent senior executive reshuffle was no real surprise, with the news that head of consumer banking and wealth Andrew Hagger is departing. Hagger was National Australia Bank’s most senior and high-profile executive to front the Royal Commission and received considerable heat and reputational damage from the Commission’s blowtorch focus on shortcomings in the wealth and superannuation industries. We retain our AUD 32 fair value estimate, and currently the ...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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