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Home»Business»Australia’s NAB targets at least $633 mln in lending to indigenous businesses
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Australia’s NAB targets at least $633 mln in lending to indigenous businesses

November 1, 2023No Comments2 Mins Read
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The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney

The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. REUTERS/David Gray/File Photo Acquire Licensing Rights

Nov 1 (Reuters) – National Australia Bank Ltd (NAB.AX) said on Wednesday it has set a new target to more than double its lending to indigenous businesses and communities to at least A$1 billion ($633.70 million) over the next three years.

The move comes at a time when banks have borne the brunt of increased regulatory scrutiny in a push for better banking outcomes for indigenous consumers, including access to better finances and quality of life.

Earlier this year, a review by the country’s corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee accounts.

NAB, the country’s second biggest lender, said the new lending target highlights a surge of more than 140% based on its current lending of just A$413 million helping stimulate “sustainable business growth” among indigenous communities.

“During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective,” said Andrew Irvine, NAB Group Executive Business and Private Banking.

($1 = 1.5780 Australian dollars)

Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh Kuber

: .

Acquire Licensing Rights, opens new tab
See also  Australia's Defence Department Charged After Crocodile Attacks 2 Soldiers
Australias Businesses Indigenous lending mln NAB Targets
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