1982–1999
National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia and the Commercial Banking Company of Sydney. The resulting company was subsequently renamed National Australia Bank Limited.[9]
The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. Representative offices were established in Beijing (1982), Chicago (1982), Dallas (1983), Seoul (1983, upgraded to a branch in 1990), San Francisco (1984), Kuala Lumpur (1984), Athens (1984, closed 1989), Frankfurt (1985, closed 1992), Atlanta (1986), Bangkok (1986), Taipei (1986 upgraded to branch 1990), Shanghai (1988, closed 1990), Houston (1989) and New Delhi (1989).
In 1987, NAB bought Clydesdale Bank (Scotland) and Northern Bank (Northern Ireland and Republic of Ireland) from Midland Bank. It rebranded Northern Bank branches in the Republic of Ireland to National Irish Bank and changed both banks' logos from that of the Midland Bank. In 1990, NAB bought Yorkshire Bank (England and Wales).
In 1992, NAB purchased the Bank of New Zealand, which became a subsidiary of the Australian bank, but retained local governance, with a New Zealand board of directors.[10] At some point, a business entity known as Bank of New Zealand in Australia (BNZA) was absorbed by NAB.[11]
Further acquisitions followed – which at the time had about a 26% market share in the market, and Michigan National Bank (MNB) in 1995. NAB had earlier rationalised its operations in the US and closed its offices in Atlanta, Chicago, Dallas, Houston and San Francisco in 1991.
This period of rapid expansion through acquisition concluded with the purchases in 1997 of HomeSide Lending, a leading US mortgage originator and servicer based in Florida, and most significantly, the acquisition in 2000 of MLC Limited (and related entities) for $4.56bn, one of the biggest mergers in Australian corporate history.
2000s
NAB encountered a difficult period in the period 2000–2005. In 2000, NAB sold Michigan National Bank to ABN AMRO, then in 2001 sold HomeSide's operating assets for US$1.9b to Washington Mutual, the largest US savings and loan company, as well as the mortgage unit's loan-servicing technology and operating platform.
The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto and Chairman Charles Allen.[12] The resignations were preceded by a Board revolt where Catherine Walters emerged as a whistle blower citing serious culture issues at the company having led to the string of failures.[13]
Frank Cicutto was CEO of NAB from 1999 to 2004. The Australian economic environment during his leadership was stable and productive after 17 consecutive years of economic growth since 1992, averaging 3.3 per cent per annum.
In February 2004, John Stewart was appointed CEO of NAB following the resignation of Cicutto.[14] Stewart proceeded with a far reaching re-organisation of the company along regional lines leading to the appointment of
2010s
NAB's poor 2012 financial results called its strategy into question:[43][44] net profit dropped by 22% compared to the previous year.[45] In 2014, the NAB Melbourne Government announced that Cameron Clyne would be succeeded as CEO by Andrew Thorburn, NAB's New Zealand head.[46] In August 2014, Lisa Gray left NAB as part of a broader set of executive changes.[47]
As part of a strategy to focus NAB on its domestic markets,[48] the bank listed its US subsidiary, Great Western Bank, on the New York Stock Exchange in October 2014 as part of an initial public offering.
2020s
In January 2021, NAB announced plans to acquire the neobank 86 400 for $220 million and subsequently merge it with UBank.[54]
In May 2021, NAB completed its sale of its advice, platforms, superannuation and investments and asset management businesses to IOOF Holdings. As part of the MLC Wealth Transaction, NAB retained the companies that operated the advice businesses.[55]
In September 2021, NAB temporarily rebranded their logo to JAB to promote vaccines for COVID-19.[56]
In the first half of 2022, NAB relocated its global headquarters from 800 Bourke Street Docklands to a new natural light and greenery purpose built 39 storey building at 395 Bourke Street. The move also replaced National Bank House at 500 Bourke Street. The bank currently has 2 main buildings for employees at 700 Bourke Street Docklands and at 395 Bourke Street (NAB Place).
On 1 June 2022, National Australia Bank Limited (NAB) acquired the consumer banking business from Citigroup Pty Ltd (Citi), an Australian branch of
