National Australia Bank - NAB - Savings Account

National Australia Bank - NAB - Savings Account

The National Australia Bank - NAB is Australia's largest bank and financial institution, based on number of customers and net worth. It is also one of the top 30 financial companies in the world, with assets exceeding AUD$450 billion as of 2006. It now serves over 10 million customers across 10 countries.

Company history

NAB started in 1893 as National Bank Limited, a small financial cooperative. It was established in Melbourne by merchant Andrew Cruickshank and funded by Alexander Gibb. The following year, it opened its first branch in South Australia, but was reduced to a public limited company during the banking crisis of 1893. For the next few years it did business as the National Bank of Australasia Limited.

Recovering from the crisis, it soon began operating in Tasmania, Western Australia, New South Wales, and most recently in Queensland. In 1981 it joined forces with the Commercial Banking Company of Sydney and afterwards adapted its current name, National Australia Bank - NAB.

Products and services

The National Bank of Australia is part of a system of regional businesses in Australia, New Zealand, and Europe (centered in the UK). These three include wealth management, retail bank brands, and partial operations of the now-defunct Institutional Markets & Services division.

Besides the core businesses, the bank also runs nabCapital, which offers corporate financial services such as risk management, investment planning, savings account, and debt management. Retail banking remains its most popular branch, however, with major brands in place in New Zealand and the UzK.

Community services

NAB is particularly committed to helping Australians achieve financial stability in a fast, hassle-free way. In 2006, it signed a $30-million contract to provide low-cost loans to marginalized communtieis. Its microenterprise loans and no-interest loans have won several distinctions and helped thousands of people create a living on their own.