NAB

With the UK economy experiencing its first double-dip recession since the 1970s, National Australia Bank (NAB) has officially joined the laundry list of Australian companies and banks that have failed miserably overseas. NAB will shift its poor-performing book of UK commercial property loans on to its much larger Australian balance sheet and put it in runoff (similar to RHG’s loan portfolio). While it has very little economic impact, the move helps keep the UK regulators at bay. In addition, the UK banking business will cut 1,400 jobs by 2015, close branches and stop making loans to property developers. Write-offs...

With the UK economy experiencing its first double-dip recession since the 1970s, National Australia Bank (NAB) has officially joined the laundry list of Australian companies and banks that have failed miserably overseas. NAB will shift its poor-performing book of UK commercial property loans on to its much larger Australian balance sheet and put it in runoff (similar to RHG’s loan portfolio). While it has very little economic impact, the move helps keep the UK regulators at bay.

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