National Australia Bank

About National Australia Bank

Founded as the National Bank of Australasia in 1858 during the Australian gold rush. NAB acquired banks across Australia and New Zealand. The bank expanded internationally, acquiring Clydesdale Bank in Scotland, Yorkshire Bank in England, Northern Bank in Ireland, and Michigan National Bank in the US. The international expansion was generally unsuccessful. NAB sold most international assets. The bank acquired wealth manager MLC. NAB was one of the Australian banks criticized by the 2018 Royal Commission for misconduct, including charging fees for no service. NAB CEO Andrew Thorburn resigned after the Royal Commission. The bank has focused on simplification and customer remediation since.