AfE 2016 logo-196 135 Regional awards Press release View full 2016 results
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Australia Best bank: National Australia Bank Best investment bank: Macquarie |
These are miserable times in Australian banking, which is suffering issues ranging from banking culture to credit quality as the commodity cycle ends. Commonwealth Bank has reputational issues around its CommInsure unit, while both ANZ and Westpac are under investigation for rate manipulation.
It would be harsh to call National Australia Bank a least-worst option, though, as progress has been made. CEO Andrew Thorburn has been aggressive in shedding many poorly performing businesses, notably its portfolio of UK commercial real estate loans, most of its life insurance business, US-based Great Western Bank, its Specialised Group Assets portfolio – and Clydesdale Bank.
Clydesdale in the UK has been a drag on profits for years, and Thorburn demerged it through a float in February after a shareholder vote the previous month.