About NAB (National Australia Bank)

NAB is one of the top 30 most profitable financial services companies in the world. The Nab Group also operates two international business units 1. Wealth Management 2. Corporate & Institutional Banking

The National is the holding and main operating company of the National Australia Bank group, Incorporated in 1893. From January through May 2004, National Australia Bank Ltd (The National or NAB) went through the worst crisis in the Bank s 147-year history. 1. 2. 3. A major forex scandal cost the Bank Aus$360 million(pre-tax). Scam involving four rogue traders evolved into a personal level battle in the boardroom resulting in a major overhaul at the board. It led to the resignation of the chairman Charles Allen as well as the managing director Frank Cicutto. Catherine Walter, chairman of the Audit Committee, was held partly responsible for the failings that led to the scandal.

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Abstract
National Australia Bank's foreign exchange crisis not only cost the bank $360 million but also cast serious doubts on the governance culture in the bank. It caused the bank to rethink and reformulate its business strategies,its culture, and its approach to risk management in order to achieve sustainable growth. After several boardroom brawls and a major overhaul of the entire board, the company, under John Stewart, is now ready to rebuild its reputation and boost public confidence.

The National had Five Business Unit

1. Financial Services Australia 2. Financial Services Europe 3. Financial Services New Zealand 4. Corporate and Institutional Banking (CIB) 5. Wealth Management