NAB restructures nabCapital, cuts dividend
National Australia Bank has announced the restructuring of nabCapital at the same time as announcing a 25 per cent reduction in the company’s dividend for the 2009 half year.
NAB chief executive Cameron Clyne made the announcements to the Australian Securities Exchange this morning as part of a strategic agenda for the bank’s Australian and international businesses.
Referring to the restructure of nabCapital, Clyne said the markets, treasury services and specialised finance businesses would be maintained as a separate global business and would be renamed Wholesale Banking, while the corporate lending franchises would be merged with relevant regional business banks.
He said the bank would be exiting non-franchised related assets such as conduit assets “in an orderly manner”.
Discussing the dividend cut, he said that it reflected the banking group’s conservative setting and reflected the increasingly challenging external environment.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
