National Australia Bank(NAB) is one of the largest financial institutions in Australia in terms of number of customers and market cap.
It is among the top 50 banks in the world, and with over 1590 service centers and branches, over 4000 ATMs across Australia and New Zealand, National Australia Bank serves around 13 million customers. The bank earned 28.8 billion dollars in revenue in 2015.
It is the largest Australian company in terms of assets with 671.6 billion dollars. The bank is headquartered in Victoria, Australia and is led Andrew Thorburn as the Group Chief Executive Officer. The bank was formed in 1982 following the merger of the Commercial Banking company of Sydney and the National Bank of Australia. After this, the company expanded its base to the United States, Europe and Asia. It also undertook a series of acquisitions of other banks like Clydesdale Bank in Scotland, Northern Bank and Bank of New Zealand.
The portfolio of the bank includes banking, wealth management, investment, corporate and retail insurance and superannuation. The group is divided into eight divisions across two geographic regions. The divisions in Australia are business banking, personal banking, UBank, MLC and NAB private wealth, NZBanking in New Zealand, Wholesale banking, Specialized Group products and corporate functions and others at the global division. Around 75% of NAB’s revenues come from Australia. NAB is also known for its initiatives in corporate social responsibility. It has set a target of spending 1% of cash earnings before interest in the CSR area. NAB is one of the largest carbon neutral companies and has been ranked highly in the 2010 Global Carbon Disclosure Leadership Index.