Subprime bullet bites confidence in bank
July 25, 2008
It's taken a year, but the US subprime housing loan debacle (which morphed into the global credit crisis) has finally hit home in Australia. And hit hard.
National Australia Bank shares fall 10%
National Australia Bank shares have dropped 10 per cent after the bank announced an extra $830m loss on its exposure to US mortgage-backed debt securities.
National Australia Bank talking to Royal Bank of Scotland about buying local arm of ABN Amro
National Australia Bank Ltd., one of the country's biggest lenders, said Friday it is in consultations with the Royal Bank of Scotland about buying the local arm of investment bank ABN Amro.
NAB shares slump on writedowns
National Australia Bank announces $830 million in additional provisions, sending its shares down as much as 13%.
NAB appoints Cameron Clyne as new CEO
National Australia Bank Ltd has appointed the head of its New Zealand operations, Cameron Clyne, as its new chief executive.
NAB breaks rank to lifts rates again
National Australia Bank Ltd has broken ranks with the major banks and lifted its standard variable home loan by another nine basis points.
NAB stock slumps as it takes A$830m...
National Australia Bank stunned investors yesterday by taking an extra A$830m (£399m) provision against investments backed by US residential mortgages.
Credit slowdown squeezes earnings
A GLOOMY picture of falling banking sector earnings is emerging in the wake of National Australia Bank's shock move to set aside $830 million to cover investments linked to the...
NAB walks away from ABN Amro takeover
National Australia Bank Ltd (NAB) has ditched its plans to buy the local arm of Dutch investment bank ABN Amro, without giving any reasons.
National Australia Bank names new chief executive
National Australia Bank Ltd., one of the country's biggest lenders, said Thursday that the head of its New Zealand operations, Cameron Clyne, will take over as chief executive, replacing John Stewart at the start of next year.
NAB slumps on debt shock
NATIONAL Australia Bank will suffer a $600 million blow to its annual net profit, sending its earnings into the first tailspin for four years, after taking a direct financial hit from a portfolio of investments linked to the US subprime housing crisis.
NAB chief could get $7.5m each year
AHMED FAHOUR, the head of National Australia Bank's domestic operations, became the highest-profile casualty of the race to succeed his boss, John Stewart, as the group...
Moody's downgrades NAB's outlook
Ratings agency Moody's Investors Service has downgraded its outlook on National Australia Bank Ltd's credit rating to negative, from stable.
NAB's new chief has the job ahead
THE INCOMING National Australia Bank chief executive, Cameron Clyne, is facing his first major challenge - restoring investor confidence in the group's credit exposures after a...
NAB eyes ABN Amro Australia
CHRIS ZAPPONE National Australia Bank is in discussions to buy ABN Amro in Australia and New Zealand.
Westpac's ray of light
Westpac has so far managed to avoid big problem credit exposures, and should it successfully swallow St George, will become Australia's biggest bank.
NAB's rate-cut pledge
National Australia Bank becomes the first of the major banks to break ranks over the cost of home loan funding with a promise today to pass on the full effects of any...
National Australia Bank reports 25.8 percent rise in 1st half net profit
National Australia Bank Ltd. said Friday its first half net profit rose 25.8 percent over the same period last year, boosted by strong lending and deposit growth and a one-time gain from Visa Inc.'s initial public offering.
NAB's Write-Down May Hurt Future Funding
National Australia Bank could face higher funding costs after the bank shocked market participants with a write-down worth US$796.1 million, blaming the global credit crunch and slumping U.S. housing sector.
BankWest turns its nose up at sniff...
THE British parent of the expanding BankWest chain and its sister financial services operations is likely to resist attempts by rivals to buy the business after reports emerged...
National Australia Bank reports 25.8%...
National Australia Bank Ltd. said Friday its first half net profit rose 25.8 percent over the same period last year.
Analysts fear more NAB calamities
NAB has been castigated by analysts after the bank released an $830m writedown of its investments in US mortgages.
It's not over yet
ANZ's earnings hit is not surprising - and much more pain is yet to come from both the big banks and the second-tier players.
NAB boss to go
John Stewart pays price for the group's badly-handled disclosure of its $830 million write-offs and its $600 million profit warning.
Moody's cuts NAB debt rating
Moody's credit rating service cut the rating outlook for National Australia Bank to ''negative'' from ''stable'' one week after the largest Australian bank by market value...