National Australia Bank (ASX:NAB) is one of Australia’s “big four” banks, with a focus on regional banking, wealth management operations, international capital markets and institutional banking business. Brands within Australia include NAB and MLC, and the group is represented in New Zealand by Bank of New Zealand. In the UK the brands are Clydesdale Bank and Yorkshire Bank.
Financials Stock NAB held its AGM today, where it stated it expects a challenging 2012 as it faces a combination of volatile markets and subdued consumer and business sentiment.
CEO Mr Cameron Clyne said the group was committed to its strategic agenda, which drove a solid performance in 2011.
Mr Clyne also flagged increasing offshore funding costs which were placing further pressure on the bank’s margins.