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Date Published : Monday, February 25, 2008
Many Australians have heard of the National Australian Bank, or NAB as it is better known as. But many do not know its global status as one of the most powerful homegrown companies to ever come out of Australia.
The NAB has a history dating back to 1893, when it was formed under the name of the National Bank Limited. Up until 1981, it grew steadily, trading as The National Bank of Australasia when, in October of that year, it merged with the Commercial Banking Company of Sydney and was renamed as National Australia Bank.
Until 1981, the financial institution had a very large presence in Victoria, with Tasmania and Western Australia also helping the business grow. It only opened a branch in Queensland 30 years after the bank was first formed.
Since 1981, however, the bank has grown from strength to strength and is now one of the world's top 30 financial services companies, with total assets reaching $457 billion in 2006.
The NAB runs the MLC wealth management division in Australia, the Clydesdale Bank and Yorkshire Bank brands in the UK and the Bank of New Zealand.
Today, the NAB offers customers savings accounts, superannuation funds, transactional accounts, credit cards and a range of personal and home loans.
Earlier this year, it announced it would get rid of exit fees on its home loan products, with NAB executive director Ahmed Fahour saying: "The clear home loan is yet another step that will address customer, government and community concerns about fees and provide a truly different home lending option."
Find and apply online for the best loan deals.
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