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XJO:NAB, Oct 16, 08:37 UTC

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UPDATE 2-NAB joins other Australian banks in refunding wronged customers

NAB

* NAB shares rise 1 pct, in line with market (Recasts adding context, fund manager quote and shares). SYDNEY, Oct 16 (Reuters) - National Australia Bank said on Tuesday it would spend A$314 million ($224 million) on compliance costs and refunding customers it had overcharged, the fourth big Australian bank to compensate wronged customers amid a damaging public inquiry. NAB said some of the earmarked money would refund customers of its wealth-management unit who had been charged for financial advice they had not received. The refunds, compensation for customers and other compliance costs, will reduce second-half cash earnings in 2018 by about A$261 million, or 7.8 percent of cash earnings in the same period last year, and hit discontinued earnings by A$53 million, the bank said.

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NAB sets aside another $314 million for customer compensation

NAB

The National Australia Bank announced additional costs of $314 million in connection with its customer remediation program following the fee for no service scandal and the financial services royal commission. This will reduce cash earnings in the second half of 2018 by an estimated $261 million and earnings from discontinued operations by an estimated $53 million. The big four banks are on track to pay out a combined more than $1 billion in refunds and compensation. The NAB allegedly charged fees for no service to superannuation fund customers, then delayed compensation when it was discovered, failed to report breaches on time and kept back the full extent of the problem of overcharging of customers.

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NAB to take $314m hit on compo charges

NAB

National Australia Bank will take a $314 million hit for customer compensation costs stemming from misconduct in its wealth management arm, which has been exposed at the royal commission. NAB on Tuesday became the final big four bank to detail the hit to its profits from scandals being scrutinised by the Hayne royal commission into misconduct in finance. Its full-year results will include $314 million in extra costs due mainly to customer remediation, including refunds for customers who were charged for financial advice they did not receive - an issue that is also being pursued by the corporate watchdog in court. NAB said the extra costs, which will take out $261 million from its after-tax profit for the second half, also related to a review of customer files for inappropriate financial advice, and other "regulatory compliance matters".

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National Australia Bank to incur $224 mln in customer remediation charges

NAB

SECTIONS. Home. Business. Markets. World. India. Technology. Money. SECTIONS. Home. Business. Markets. World. India. Technology. Money. National Australia Bank to incur $224 mln in customer remediation charges. Oct 16 (Reuters) - National Australia Bank said on Tuesday it would incur after-tax costs of A$314 million ($223.91 million) in connection with its customer remediation programme. The charge would reduce second-half cash earnings by about A$261 million, the bank said in a statement. NAB is due to report full-year earnings on November 1. ($1 = 1.4023 Australian dollars) (Reporting by Aby Jose Koilparambil in Bengaluru). Next Article. Amazon India say services boosting large appliance sales.

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Facilis to Showcase Latest Shared File System Advancements at NAB NY 2018 - Multichannel

NAB ADBE

international supplier of cost-effective, high performance shared storage solutions for collaborative media production networks will showcase Version 7.1 features and FastTracker 2.5. Built for the rigors of 4K+ video post-production, HDR, and VR 360 productions, the latest release of the Facilis Shared File System continues to distance itself from garden-variety NAS (Network Attached Storage) storage solutions available from so many vendors today. Unlike traditional NAS systems, Facilis utilizes an optimized shared file system and avoids the workflow issues inherent in NAS when used in a cross-platform creative environment. “Across the East coast we’re finding facilities that want high quality storage networks but are increasingly budget-conscious,” says James McKenna, VP of Sales and Marketing at Facilis.

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Sunday, October 14


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Head to Head Survey: Washington Federal (WAFD) vs. National Australia Bank (OTCMKTS:NABZY) – Fairfield Current

NAB COF

Washington Federal (NASDAQ:WAFD) and National Australia Bank (OTCMKTS:NABZY) are both finance companies, but which is the superior business? We will compare the two businesses based on the strength of their valuation, earnings, institutional ownership, risk, dividends, analyst recommendations and profitability. National Australia Bank pays out 77.2% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. National Australia Bank is trading at a lower price-to-earnings ratio than Washington Federal, indicating that it is currently the more affordable of the two stocks.

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Tuesday, October 09


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Australia's Business Confidence Rises In September: NAB

NAB

(RTTNews) - Australia's business confidence improved in September from last month, survey data from the National Australia Bank showed Tuesday. The business confidence index rose to 6 in September from a revised reading of 5 in August. The business conditions index appeared to have stabilized, increasing slightly to 15 from a downwardly revised score of 14 last month. While conditions remain broadly favorable across industries, the retail industry remained weakest driven by subdued outlook for the consumer and ongoing structural changes in the sector. The survey pointed that despite favorable business conditions, higher employment and relatively high levels of capacity utilization, the economy-wide inflationary pressures remain weak.

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NAB installs Brilliance DealPoint package

NAB

All Wholesale Banking Company News ». For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Brilliance Financial Technology has today announced it will implement its industry-leading Deal Management and Relationship Pricing Solution, DealPoint, across two divisions of National Australia Bank (NAB). DealPoint will support NAB's business lending products, proprietary pricing models, and different pricing approvals processes across the bank's Corporate and Institutional Banking and Business and Private Banking divisions. DealPoint digitises pricing processes, automatically pre-populating pricing and customer relationship information, and guides relationship managers through deal structuring.

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Brilliance Financial Technology Partners With NAB To Transform Pricing Processes - Brilliance Financial Technology's Dealpoint Automated Relationship Pricing Solution To Support National Australia Bank's Lending Divisions

NAB

SYDNEY, Oct. 9, 2018 /PRNewswire/ -- Brilliance Financial Technology has today announced it will implement its industry-leading Deal Management and Relationship Pricing Solution, DealPoint, across two divisions of National Australia Bank (NAB). DealPoint digitises pricing processes, automatically pre-populating pricing and customer relationship information, and guides relationship managers through deal structuring. "We have made significant investments in the next generation DealPoint over the past few years, adding new features required in today's digital banking landscape," says Jean-Edouard van Praet, President and CEO of Brilliance Financial Technology. Banks using DealPoint report a risk-adjusted ROI of 379%, a 66% increase in deal submission, and an increase of 25% in portfolio management productivity. Since 2004, DealPoint has been deployed in over 50 countries and is used by over 25,000 users. FOR MORE INFORMATION, CONTACT:.

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Monday, October 08


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NAB summons Shehbaz Sharif’s son in assets beyond means case

NAB

Lahore: The National Accountability Bureau (NAB) has summoned Salman Shehbaz in assets beyond means case on October 10. Salman is the son of Pakistan Muslim League-Nawaz (PML-N) president, Leader of Opposition in National Assembly Shehbaz Sharif. The former Punjab Chief Minister (CM) Shehbaz Sharif was earlier arrested by NAB on October 5 in the Ashiana Iqbal housing scheme case. The NAB sources say Shahbaz is being investigated in the light of revelations made by former principal secretary Fawad Hassan who is in NAB’s custody on physical remand, while the other main accused in the Ashiana-e-Iqbal Housing scam, Ahad Khan, is on judicial remand.

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