Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Australia's NAB to expand threshold for small business protections

Published 03/14/2019, 08:26 PM
Updated 03/14/2019, 08:26 PM
© Reuters. The National Australia Bank Logo is seen on a branch in central Sydney

(Reuters) - National Australia Bank said on Friday it would expand the threshold for small business protections and would work with regulators to implement other key recommendations of an inquiry into financial-sector misconduct.

Australia's fourth-largest bank said it would extend its definition of small businesses to those with aggregate borrowings of less than A$5 million ($3.5 million), up from less than A$3 million.

In its final report last month, the government-mandated inquiry recommended banks be required to broaden the definition of small businesses so that more borrowers would benefit from protections when they experienced hardship.

NAB acting CEO Philip Chronican said the company had completed or was in the process of implementing 26 of the inquiry's 76 recommendations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.