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National Bank of Australasia was one of the banks, which closed in
1893 and then emerged as a public limited company by the help of
Director John Grice on 23 June 1893. Now it has established itself as
one of the top four banks in Australia with 8.3 million consumer and
business banking customers and over 2.3 million wealth management
customers, 1714 branches and service centres and 2939 ATMs globally
spread over 10 countries.
With an "AA" senior debt rating by S&P it has total assets of A$657
billion, operating income of A$15.4 billion as on 30 September 2008. It
was called National Bank Limited until it merged with the Commercial
Banking Company of Sydney Limited on 1st October 1981 and came to be
known as National Australia Bank.
The bank has climbed the steps of success by a number of acquisitions
done by the bank one after the other. It had acquired Clydesdale Bank in
Scotland and Northern Bank in Northern Ireland from Midland Bank, Bank
of New Zealand in 1992, Michigan National Bank in 1995, HomeSide
Lending, a leading US mortgage originator and servicer based in Florida
in 1997. One of the biggest mergers in Australian corporate history was
initiated by the bank in 2000 when it bought MLC Limited (and related
MLC entities) for $4.56bn. It had opened a number of branches outside
Australia and has become very successful.
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