66-534: Vasile Frank Timiș (born 1964) is a Romanian-Australian businessman living in London, with interests in mining and oil extraction industries. The Sunday Times Rich List estimated his wealth at £162m (US$ 238m) as of April 2008, making him the 497th richest person in Britain. The Romanian magazine Capital reckoned Timiș to be the 9th richest Romanian , estimating his wealth at $ 290m as of 2006. In 2012 he became
132-893: A vocational school for auto mechanics . He left Romania and settled as a refugee in Perth , Western Australia. Whilst in Australia he was convicted of possession of heroin with intent to supply and fined A$ 27,000. Timis was arrested twice for possession of heroin in the Eighties and was deemed "unsuitable" to be a director of a company by the Toronto Stock Exchange for failing to disclose those convictions. Timiș started his own transport company in Australia, which owned only one truck driven by himself. However, it went bankrupt in 1986 with debts of 15,806 AUD . According to Jurnalul Național , Timiș failed to declare this fact in
198-569: A $ 6.5 million tri-generation plant at its main data centre. NAB became one of Australia's largest carbon neutral companies in September 2010. NAB ranked equal first among financial service companies in the Global 500 companies in the 2010 Carbon Disclosure Leadership Index. In 2013 NAB emerged as a sponsor of Australian rules football , both at grassroots and elite level. It supports Auskick , an initiative to improve young footballers, as well as
264-456: A branch in 1990), San Francisco (1984), Kuala Lumpur (1984), Athens (1984, closed 1989), Frankfurt (1985, closed 1992), Atlanta (1986), Bangkok (1986), Taipei (1986 upgraded to branch 1990), Shanghai (1988, closed 1990), Houston (1989) and New Delhi (1989). In 1987, NAB bought Clydesdale Bank ( Scotland ) and Northern Bank ( Northern Ireland and Republic of Ireland ) from Midland Bank . It rebranded Northern Bank branches in
330-657: A broader set of executive changes. As part of a strategy to focus NAB on its domestic markets, the bank listed its US subsidiary, Great Western Bank , on the New York Stock Exchange in October 2014 as part of an initial public offering . NAB sold its final 28.5% holding in Great Western in July 2015. In May 2015, NAB also confirmed it would demerge its Clydesdale and Yorkshire Bank business in
396-619: A bug bounty program, which offers a reward to security researchers who can find previously unknown vulnerabilities in the bank's system. Would be participants must have an "Elite Trust Score" on Bugcrowd. In 2008, NAB invested $ 33.5 million in corporate responsibility initiatives. Its target is to spend 1% of cash earnings before tax in this area. In 2009, NAB became the largest Fairtrade accredited workplace in Australia through purchasing Fairtrade tea, coffee and hot chocolate for their offices and retail branches. In March 2010 NAB stated it expected to save nearly $ 1 million in annual power costs from
462-436: A day and "deemed to be non-commercial". In a few hours, the stock fell by more than 60%, and as of June 2006, the share price was at 65p, less than 20% of the peak price. In 2010, the company was still worth about £200m, and had cash reserves of £80m, In February 2006, Regal lost its Ukraine gas production license in a trial but got it back through appeal one year later. In June 2005, an environmental group, Alburnus Maior, asked
528-461: A giving index of 88.89%, which amounted to donations in 2018 of £299.6 million. A fuller version of the Rich List is also published in a reference book edition, edited by Philip Beresford . This list covers the top 5,000 richest people, rather than the top 1,000, and includes their business addresses: National Australia Bank National Australia Bank (abbreviated NAB , branded nab )
594-478: A grossly undervalued sum. Half year results for AMI were impressive, the Company posted a quarterly production of 4mt – an improvement of 81% on the prior 3 months. In January 2014 AMI hit its operating capacity for the first time, producing 5.3mt and exporting 4.6mt in the first quarter. Earnings for the company were US$ 203m in 2013 compared with a US$ 26.5m in 2012. Despite the best efforts of the team and management,
660-539: A leading US mortgage originator and servicer based in Florida , and most significantly, the acquisition in 2000 of MLC Limited (and related entities) for $ 4.56bn, one of the biggest mergers in Australian corporate history. NAB encountered a difficult period in the period 2000–2005. In 2000, NAB sold Michigan National Bank to ABN AMRO , then in 2001 sold HomeSide's operating assets for US$ 1.9b to Washington Mutual ,
726-525: A nine month attempt to purchase Axa Asia Pacific . This attempt was blocked twice by the Australian Competition & Consumer Commission . The first time, in April 2010, was because the regulator believed that the merger would cause a substantial lessening of competition in the retail investment platform market . NAB subsequently lodged a revised bid which aimed to address these concerns but
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#1732775583689792-544: A pilot with 23 jobs from the accounts payable department in Melbourne going to Bangalore, India in an agreement with Accenture . Later that year, it sold Northern Bank and National Irish Bank to the Danish Danske Bank . Over 200 additional jobs had been sent offshore by 2006. As part of the culture change program, a new Australian head office was purpose built at Docklands in Melbourne. This building
858-545: A supportive shareholder but plays no other role African Petroleum Corporation is a company with various oil and gas operations in West Africa, listed on the National Stock Exchange of Australia (NSX: AOQ) and Oslo Bors (APCL). Timiș is a non-executive director at International Petroleum Limited, an Australian-domiciled, NSX-listed (NSX code: IOP), oil and gas exploration and production company. Timiș
924-667: A third in cash and two-thirds in EGU shares, taking his stake to 18.9%. Hellas has three mining projects in Greece ( Stratoni , Skouries and Olympias ) and two companies in Romania: 100% of the shares of European Goldfields Deva (with projects at Voia and the Cainel perimeter ) and 80% of the shares in Deva Gold, Certej Mine , Bolcana and Băița-Crăciunești . He sold his entire stake in
990-770: A third of the area of Sierra Leone in the northern part of the country, including some important diamond fields and the Tonkolili & Marampa Iron Ore Projects. The company is also exploring for uranium at Lovetta, and for gold and base metals in the Sula Mountains , Gori Hills and Nimini Hills. On 16 August 2007 the AIM -listed company was renamed African Minerals Limited (AMI.L) to reflect these other interests., On 15 March 2010 AMI announced an initial Mineral Resource estimate of over 10 billion tonnes of iron ore (independently valued) at an average grade of 29.9% Total Iron in
1056-569: Is CEO of Pan African Minerals Limited, which has various operations in Africa, including exploration of a large manganese deposit at Tambao in Burkina Faso. In 2000 Frank Timiș bought 15% of European Goldfields (EGU.L), a Yukon-incorporated company listed in Toronto and on AIM that owns 95% of Hellas Gold S.A. 21% of that stake was acquired by EGU from Timiș himself in 2004 for $ 77.3m, paid
1122-495: Is a list of the 1,000 wealthiest people or families resident in the United Kingdom ranked by net wealth . The list is updated annually in April and has been published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989. The editorial decisions governing the compilation of the Rich List are published in the newspaper and online as its "Rules of engagement". The Rich List
1188-547: Is characterised by its open plan layout and was officially opened in October 2004. After Cameron Clyne became CEO in 2009, the Docklands building became the global headquarters replacing 500 Bourke Street. By 2006, NAB had turned its fortunes around, reporting an industry record $ 4.3 billion profit and winning two local Bank of the Year awards. It also had a major reform which included the refurbishment of all of its branches, and
1254-584: Is expected to be live in mid-2023. The following individuals have been appointed to serve as chief executive: The following individuals have been appointed to serve as chairman of the board: The National Australia Bank Group is organised into eight divisions, spread across two geographic regions. NAB is a large user of the Siebel and Teradata CRM systems. While NAB has received recognition as an early adopter and leader in CRM ( Customer Relationship Management )
1320-686: Is not limited to British citizens and it includes individuals and families born overseas but who predominantly work and/or live in Britain. This excludes some individuals with prominent financial assets in Britain. The editors estimate subjects' wealth from a range of public information, based on values in January each year. They typically explain their actions by stating: "We measure identifiable wealth, whether land, property, racehorses, art or significant shares in publicly quoted companies. We exclude bank accounts—to which we have no access... We try to give due consideration to liabilities." The 2015 list marked
1386-591: Is one of the four largest financial institutions in Australia (colloquially referred to as " The Big Four ") in terms of market capitalisation , earnings and customers. NAB was ranked the world's 21st-largest bank measured by market capitalisation and 52nd- largest bank in the world as measured by total assets in 2019. As of January 2019 , NAB operated 3,500 Bank@Post locations—including 7,000+ ATMs across Australia, New Zealand, and Asia—and served 9 million customers. NAB has an "AA−" long-term issuer rating by Standard & Poor's . National Australia Bank
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#17327755836891452-822: The NAB Cup (an Australian Football League pre-season competition), the NAB AFL Rising Star award; and the AFL National Draft . Other significant sporting sponsorships included the Socceroos , the 2006 Commonwealth Games , and was the main shirt sponsor of the South Sydney Rabbitohs between 2008 and 2010. Support is also given towards community group volunteers around Australia. In recent years, NAB has provided financial support and relief to drought affected farmers and helped in
1518-515: The Rich List , The Sunday Times has produced an annual Giving List , which tracks the most generous philanthropists in the UK as a proportion of their wealth. In 2018, it was reported that, of the 300 philanthropists listed in the Giving List , a total of £3.207 billion was given away. Jamie Cooper, the former wife of hedge fund manager Sir Christopher Anthony Hohn , was ranked in first place with
1584-587: The Rothschild bank in the United States. Between 1999 and 2000, the area being mined was increased from 12 km to 22 km, and then to 42.8 km. The resulting project in Roșia Montană has been a source of much controversy, with local people lining up on both sides of the issue, and some national and international environmental groups joining the opposition. One source of controversy involved
1650-516: The neobank 86 400 for $ 220 million and subsequently merge it with UBank . In May 2021, NAB completed its sale of its advice, platforms, superannuation and investments and asset management businesses to IOOF Holdings . As part of the MLC Wealth Transaction, NAB retained the companies that operated the advice businesses. In September 2021, NAB temporarily rebranded their logo to JAB to promote vaccines for COVID-19 . In
1716-598: The BBC that Timiș appeared to be dodging tax: "It all points to this being a manoeuvre to cheat the tax man. And, if that is the case, because it's been done retrospectively, there seems to be prima facie evidence that this is tax fraud and it should be investigated." Timiș's lawyers told the BBC that he has fully complied with all of his tax obligations. Investigative journalism by BBC Panorama and Africa Eye accuses Frank Timiș of corruptly acquiring exploration rights of Cayar Offshore Profond and St. Louis Offshore Profond blocks, off
1782-796: The CV he published when he listed the company Gabriel Resources on the Toronto Stock Exchange , as required by law. In 1992, he became the CEO of Morwest Holdings Pty Ltd, the first of his gold mining businesses. Timiș and two Australian miners dug for six months for gold in a region called Mosquito Creek , but the result was a failure. In the meantime, he founded another three companies: Riverdale Mining, Timis Corporation, and Carpathian Investments, together with Ioana Timiș and his sister, Ioana Majdik. However, these companies were liquidated by Timiș, and all creditors were paid in full. Another setback
1848-572: The Jersey tax haven. The mining contract was redirected to the new company. Timiș had an 80% stake in the joint company. The Romanian Agency of Mineral Resources declared that the new contract was unfavourable to the Romanian state, but it was allowed by the Government after a parliamentary vote. Timiș had access to various databanks of the Romanian research institutes of mineralogy and got data on
1914-678: The London Stock Exchange as Regal Petroleum . This company is associated with a Romanian company, Global Mineral Resources, owned by a son of a former Romanian senator of the Democratic Party , Teodor Hăucă , who used to be secretary of the Economic Commission of the Romanian Senate between 1996 and 2000. In 1995, Timiș founded Gabriel Resources NL Australia, and in the autumn of the same year,
1980-580: The Numbara and Simbili targets at Tonkolili. Timiș, who is executive chairman of the company, increased his shareholding to 34% in June 2006 and to 34.6% (40,875,002 shares) in September 2006. As of February 2009 the entire company was worth £45m (US$ 65m). In 2015, Frank Timis together with then CEO Alan Watling and CFO Matthew Hird took African Minerals into administration. The company has been forced to sell its 75% share to Shandong Iron and Steel Group for
2046-633: The President's brother instead of the Senegalese government. Further accusations concern the involvement of Kosmos Energy and BP in the development of the field, potentially leading to billion-dollar royalty payments from BP to Timis Corporation. Timiș has denied the accusations. In 2010, he donated £100,000 to the British Christian Party for the general election . Sunday Times Rich List The Sunday Times Rich List
Frank Timiș - Misplaced Pages Continue
2112-592: The Republic of Ireland to National Irish Bank and changed both banks' logos from that of the Midland Bank. In 1990, NAB bought Yorkshire Bank ( England and Wales ). In 1992, NAB purchased the Bank of New Zealand , which became a subsidiary of the Australian bank, but retained local governance, with a New Zealand board of directors. At some point, a business entity known as Bank of New Zealand in Australia (BNZA)
2178-505: The Romanian Supreme Court, under the freedom of information laws, whether Timiș was under any investigations. The answer was that his name was linked with three dossiers investigated by the organised crime department. However, Timiș denied all the claims and no charges were ever filed. Later queries to the Romanian administration on this subject were given the answer that there are no investigations concerning Timiș. Due to
2244-462: The Romanian state-owned mining company "Regia Autonomă a Cuprului din Deva " (RAC) announced that it was searching for a partnership with a foreign company for the mining of precious metals from the tailings in Roșia Montană and Gurabarză-Brad . However, Jurnalul Național claims that it has documents indicating a collaboration signed by RAC Deva and Gabriel Resources one day before the announcement
2310-539: The September 2003 acquisition of 60% of an oilfield located in Kavala , Greece . The Regal board hoped that the company's survey team had found one of the largest oil deposits in Europe: up to a billion barrels. The oil was allegedly under so much pressure that it almost destroyed the drilling platform. This hype drove Regal's share price up to a peak of 509p, with the company's market value reaching £500m, making it one of
2376-679: The UK, through an initial public offering. The business was partially floated on the London Stock Exchange and Australian Securities Exchange under a new holding company, The CYBG plc , in February 2016, with the remaining shares distributed to NAB's shareholders. In July 2019, Ross McEwan was appointed group chief executive officer and managing director, after resigning from the Royal Bank of Scotland in April of that year. In January 2021, NAB announced plans to acquire
2442-542: The area. His company also hired relevant scientists and an ex-officer of the Topographic Department of the Romanian Ministry of Defence who mapped the area. Gabriel Resources sent 80 tonnes of ore to a research lab in Australia to measure the gold content. The ore was high in gold, and the market value of Gabriel Resources soared to $ 75 million. Timiș obtained a $ 3 million loan from
2508-407: The beleaguered mining company. Shandong refused to release remaining funds (US$ 100m) and their lawyers Linklater's recognised a perfect opportunity to take over buying 75% of AMI shares at a grossly undervalued price and through a process that was anything but transparent. The Board, management and Timis fought passionately to keep the company from going to administration, but given the perfect storm it
2574-465: The biggest single-day fall in its share price in 21 years, wiping over A$ 7 billion from the stock's value. In October 2008, NAB launched a branchless direct bank trading separately as UBank under the leadership of Greg Sutherland and Gerd Schenkel. In January 2009, Cameron Clyne became CEO, and began a strategy of reputation change, wealth management and a focus on domestic markets. As part of this strategy, NAB's underweight retail bank – under
2640-619: The broker channel. The purchase also included the PLAN, Choice, and FAST mortgage aggregation businesses and approximately 17.5% in Homeloans Ltd. In June that year it paid A$ 825m ($ 660m:£401m) for UK insurer Aviva 's Australian wealth management businesses, including their Navigator platform. NAB beat off competition from AMP for Navigator. news In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere , for A$ 99m. In December 2009 NAB began
2706-401: The coast of Senegal. In 2012, Timiș-owned company called Petro-Tim was awarded a licence to explore the blocks despite having no known track record in the industry. Soon after, Aliou Sall, the brother of the President of Senegal, Macky Sall , was hired by the company, allegedly to ensure Petro-Tim could keep these rights. The BBC program further alleges that Petro-Tim paid tax worth US$ 250,000 to
Frank Timiș - Misplaced Pages Continue
2772-724: The collapse in the share price of this company, the Alternative Investment Market decided in 2006 to toughen regulations for companies in the natural resources sector and to hire experts who would prevent future bubbles followed by price fluctuations. In 2005, the Timiș Trust bought 30% of the shares of the Sierra Leone Diamond Corporation, via the Trust's Bermuda-registered Timis Diamond Corporation Limited. SLDC holds mineral rights over
2838-487: The company along regional lines leading to the appointment of Ahmed Fahour as the CEO of Australia in September 2004. On 20 February 2009 Fahour stepped down from the principal board and group executive committee. In 2005, NAB announced a cut of 2,000 Australian jobs as part of a global cost-cutting program with the intention of cutting around 4,200 positions – about 10.5% of its total workforce globally. It began to outsource back office positions offshore, beginning with
2904-539: The company between January and April 2006. A BBC News investigation accused Timiș of paying only £35.20 in income tax in 2017, despite living a life of luxury. The BBC alleged that payments received in 2017 totalling £670,000 from an offshore trust were described retrospectively as untaxable loans to avoid paying taxes on them. John Christiansen, Director and chair of the Board of the Tax Justice Network, told
2970-596: The consumer banking business from Citigroup Pty Ltd (Citi), an Australian branch of Citibank . On 19 January 2023, NAB announced that it would create a stablecoin called the AUDN that would be pegged to the Australian Dollar , and that the digital asset would be on the Ethereum network. The objective is to streamline cross-border banking transactions, and will also be used for trading carbon credits . AUDN
3036-512: The continued downturn in iron ore prices, slowing global growth and China's appetite and the Ebola crisis (which infected almost 15,000 and claimed 4,000 lives) left AMI exposed. The downturn in iron ore prices from US$ 128.12 in January 2014 decreased rapidly over coming months reaching US$ 68 in December 2014 and US$ 63 in February 2015. This combined with the Ebola crises created a perfect storm for
3102-429: The first half of 2022, NAB relocated its global headquarters from 800 Bourke Street Docklands to a new natural light and greenery purpose built 39 storey building at 395 Bourke Street. The move also replaced National Bank House at 500 Bourke Street. The bank currently has 2 main buildings for employees at 700 Bourke Street Docklands and the new 395 NAB Place. On 1 June 2022, National Australia Bank Limited (NAB) acquired
3168-595: The first year Queen Elizabeth II was not among the list's top 300 most wealthy since the list began in 1989. She was number one on the inaugural Sunday Times Rich List 1989 . The most recent list was published online on 17 May 2024 and in print on 19 May 2024. The Sunday Times Tax List was inaugurated on 27 January 2019 in the Sunday Times Magazine , using data collected for the Rich List and edited by Robert Watts. Since 2005, as part of
3234-476: The highest-valued companies of the Alternative Investment Market. Many private investors and respectable institutions (including Merrill Lynch , Commerzbank , Artemis and Schroders ) invested more than £45m in the company. Days later, Timiș secretly agreed to sell the company's assets and then resigned as chief executive of the company. By mid-2005, it was clear that Regal's oil field contained oil but not in commercial amounts. The flow rates were around 30 barrels
3300-407: The largest US savings and loan company, as well as the mortgage unit's loan-servicing technology and operating platform. The foreign currency trader fraud was the catalyst for the resignations of CEO Frank Cicutto and Chairman Charles Allen. The resignations were preceded by a Board revolt where Catherine Walters emerged as a whistle blower citing serious culture issues at the company having led to
3366-427: The leadership of Lisa Gray – attempted to increase market share by competing on price and cutting fees. Initially denting earnings in the division, the strategy produced mixed results over the medium term, with cash earnings, market share and customer satisfaction rising, but operating margin and cost to income ratio worsening since it began in 2009. In line with the strategy, NAB attempted to differentiate itself from
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#17327755836893432-616: The method used for mining, gold cyanidation , which causes pollution. The company hopes to eventually extract 300 tonnes of gold and 1600 tonnes of silver from the area but the project is currently on hold. Regal Petroleum, founded by Timiș in November 1996, was listed on the London Alternative Investment Market and owned some oil and gas resources in Romania and Ukraine. However, it became famous after
3498-657: The operations of London Mining, another iron ore miner in Sierra Leone, out of administration shortly before African Minerals went bust. Timiș was formerly the non-executive chairman of African Petroleum, he stepped off the board and any role in Governance in African Petroleum in October 2014 and this remained a precondition of the subsequent and current listing on the Oslo Bors. He remains the founder and
3564-490: The other "Big 4" Australian banks in a large, national public relations campaign centred around a theme of "breaking up" with the other banks on Valentine's Day 2011. The campaign received both a positive and negative reception. It also attracted swift competitive responses from other major banks. The campaign won an advertising award at Cannes. In 2009, NAB acquired the mortgage business of Challenger Financial Services for $ 385 million, in order to boost its market share in
3630-654: The replacement of signage in and around National branches and buildings, being changed from 'National' to 'nab'. In May 2007, NAB announced that it would delist from the New York Stock Exchange , and this took place in August 2007. NAB delisted from the London and Tokyo exchanges in 2006. In March 2008, NAB announced that it would send maintenance and support for some core banking applications to India through an offshoring arrangement with Infosys and Satyam , affecting another 260 employees. On 25 July 2008, NAB's announcement of an additional A$ 830 million provision associated with deterioration in US real estate markets triggered
3696-627: The richest Romanian with a net worth of £1.34 billion (US$ 2.13 billion). A BBC News investigation alleged that Timiș paid £35.20 in tax in 2017 despite living a life of luxury, and included a statement from the Tax Justice Network suggesting that Timiș be investigated for tax fraud. In 2017, BP acquired Frank Timis's stake in a Senegal gas field for $ 250 million, with documents later revealing an additional $ 9–12 billion in royalties to be paid to Timis's company. Both parties deny wrongdoing, with Timis having an estimated net worth of $ 12 billion. Born in Borșa , Maramureș County , he graduated from
3762-400: The string of failures. Frank Cicutto was CEO of NAB from 1999 to 2004. The Australian economic environment during his leadership was stable and productive after 17 consecutive years of economic growth since 1992, averaging 3.3 per cent per annum. In February 2004, John Stewart was appointed CEO of NAB following the sacking of Cicutto. Stewart proceeded with a far reaching re-organisation of
3828-477: The system was reinvigorated in 2004–5 as part of the broader turnaround to support the new focus on cross-selling. In 2006, NAB was named the winner of the IFS/Cap Gemini Financial Innovation awards for its CRM system, internally called "National Leads". On 25 November 2010, NAB suffered a system malfunction resulting in the failure of accounts processing. As a result, around 60,000 banking transactions were lost, and had to be manually recovered. The malfunction
3894-408: Was Timiș' investment in Pneumatic Systems International Pty Ltd. In 2001, he quit his investment and kept only 11.6% of the company, administered via a new company, Regal Group Services, in the British Virgin Islands tax haven . According to an ex-manager of the company, in 2003, those shares were worth under A$ 1,500. Regal Group Services changed its name and headquarters, and is currently listed on
3960-414: Was absorbed by NAB. Further acquisitions followed – which at the time had about a 26% market share in the market, and Michigan National Bank (MNB) in 1995. NAB had earlier rationalised its operations in the US and closed its offices in Atlanta, Chicago, Dallas, Houston, and San Francisco in 1991. This period of rapid expansion through acquisition concluded with the purchases in 1997 of HomeSide Lending,
4026-431: Was caused by a corruption of an irreplaceable system file. This issue has been dubbed by some commentators as one of the biggest failures in the history of the Australian banking system. Under Cameron Clyne's leadership, NAB began to upgrade its core banking platform in a project dubbed "NextGen". The project involves the replacement of its legacy systems which are up to 40 years old with an Oracle -based solution. UBank
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#17327755836894092-428: Was facing and like many other junior mining Companies then and since, there was no alternative but administration. Timis lost all of his $ 450m investment as did the institution investors, shareholders and bond holders. AMI was operating as Shan Steel under Chinese leadership until they recently left the tonkolili project with the loss of all jobs created by Frank Timis and AML. His Timis Corporation controversially bought
4158-494: Was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia and the Commercial Banking Company of Sydney . The resulting company was subsequently renamed National Australia Bank Limited. The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. Representative offices were established in Beijing (1982), Chicago (1982), Dallas (1983), Seoul (1983, upgraded to
4224-436: Was published, on 4 September 1995. Also, RAC claimed it received several offers, including from another Australian company, Lycopodium Pty Ltd., but that company has denied RAC's claim. According to ASIC, in April 1996, Gabriel Resources NL had financial problems with its creditors, including the National Australia Bank , and Timiș started a new company after paying all creditors in full, Gabriel Resources Limited, registered in
4290-451: Was rejected a second time in September of that year. The Axa deal's drawn out process drew criticism for the bank's underperformance. NAB's poor 2012 financial results called its strategy into question: net profit dropped by 22% compared to the previous year. In 2014, the NAB Melbourne Government announced that Cameron Clyne would be succeeded as CEO by Andrew Thorburn, NAB's New Zealand head. In August 2014, Lisa Gray left NAB as part of
4356-554: Was reported to be the first beneficiary of this project. In total, the project was expected to be completed in 2014 and cost $ 1 billion. As of April 2014, NAB's "NextGen" program was said to suffer from "growing problems". In July 2020, NAB signed an agreement with Microsoft to further develop its multi-cloud computing strategy including the migration of key applications to the cloud while accelerating development and innovation. In September 2020, The National Australia Bank partnered with crowdsource security firm Bugcrowd to launch
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