nab investor presentation 2022

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National Australia Bank Financials Bank Big Four

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NAB NATIONAL AUSTRALIA BANK LIMITED Banks

National Australia Bank Limited provides financial services to individuals and businesses in Australia, New Zealand, and internationally. The company operates through Business and Private Banking; Personal Banking; Corporate and Institutional Banking; New Zealand Banking; and Corporate Functions and Other segments. It accepts transaction accounts, savings accounts, debit cards, and term deposits; and specialized accounts, such as foreign currency, business interest, cash maximiser, farm management, community free saver, statutory trust, and project bank accounts, as well as farm management deposits. In addition, the company provides home loans, personal loans, and business loans; vehicle and equipment finance; and trade and invoice finance, as well as business overdrafts and bank guarantees. Further, it offers insurance products consisting of home and content, landlord, travel, car, caravan and trailer, life, and business insurance products; and pension, self-managed super funds, cash management, and financial planning and advisory services. Additionally, the company provides investment products; credit, debit, and business cards; payments and merchant services; online and internet banking services; small business services; international and foreign exchange solutions; and industry specific banking services. The company was founded in 1834 and is based in Melbourne, Australia.

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2022 Half Year Investor Presentation

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May 5, 2022 08:01

NAB released this announcement to the ASX on 5 May 2022, 8:01. The announcement is marked as price sensitive, and is 129 page(s) in length and 1.81MB in size.

You can view all announcements from NAB and see how they appear on a price chart on the announcements page .

At the date of this announcement, NAB was 0.714% short sold according to ASIC data. It was ranked the 255th most shorted stock on the ASX. It remains ranked 280th as of the latest reported data (15 August 2024).

NAB was $32.44 at the close of trade on 04 May 2022, it is now $6.07 (18.71%) lower

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NAB completes acquisition of Citigroup’s Australian consumer business

Feature image above: Citi consumer bank CEO Alan Machet, NAB Group Executive Personal Banking Rachel Slade and NAB CEO Ross McEwan at an event to mark the completion of the acquisition of Citigroup’s Australian consumer business.

• Updated 19.07.2022
• First Published 01.06.2022

National Australia Bank (NAB) today completed the acquisition of Citigroup’s Australian consumer business (Citigroup Consumer Business).

NAB Chief Executive Officer Ross McEwan said: “The acquisition of the Citigroup Consumer Business supports our ambition to build a leading personal bank with a simpler, more digital experience.

“We have good momentum in our Personal Banking division, driven by our aim to be simpler and more digital for customers and colleagues.

“The purchase of the Citigroup Consumer Business gives us greater scale to support investment in new technology to deliver market- leading digital capabilities and product innovation.

“We welcome our new Citigroup colleagues to NAB. They bring deep banking expertise and insights into how customers’ needs continue to change.

“This will enable us to create more innovative, simple and digital products and services for customers, particularly in unsecured lending and supporting business partners with white label products.”

NAB has set up a dedicated integration team to manage the transition of the Citigroup Consumer Business into NAB’s Personal Banking division and subsequent integration of both businesses.

Key financial metrics relating to the acquisition were reported in NAB’s 2022 Half Year Investor Presentation (nab.com.au) on 5 May 2022.

Background: 

• In August 2021, NAB reached an agreement to purchase the Citigroup Consumer Business, including its home lending portfolio, unsecured lending business, retail deposits business, and private wealth management business.
• The acquisition was subject to certain conditions, including approvals from the Commonwealth Treasurer, the Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC). These approvals have now been received.
• From 1 June 2022 NAB will continue to operate the Citigroup Consumer Business largely on a standalone basis. NAB will communicate with customers about any changes to available products and the NAB service offering. Integration of the Citigroup Consumer Business will occur progressively over the next 2 – 3 years.
• Citigroup Consumer Business customers will continue to use their Citigroup app, card and services.
• There are no changes for NAB customers.
• When the Citigroup Consumer Business is fully integrated, customers will benefit from NAB’s branch footprint, banking app and digital capabilities.

For more information see NAB’s August 2021 announcement about the agreement to acquire Citigroup’s Australian consumer business.

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NAB Show Surpasses 900 Exhibitors as Industry Returns to Face-to-Face Business

Broadcast, media and entertainment industries prepare for largest tech event of the year.

Washington, D.C. -- NAB Show attendees will navigate a convention floor featuring some of the world’s leading brands and companies, as well as first-time exhibitors and innovation zones showcasing the most cutting-edge advancements changing the broadcast, media and entertainment industries. The 2022 NAB Show will run April 23–27 at the Las Vegas Convention Center (LVCC).

More than 900 companies, including over 160 first-time exhibitors , will be debuting new products and offering first looks at trailblazing technologies through interactive exhibits and live demonstrations. Exhibitors will occupy distinct destinations throughout the LVCC’s North, Central and newly built West Hall focused on four main verticals associated with the content lifecycle. These destinations and some participating companies are:

• Create (North Hall): Blackmagic Design, Adob Systems, Chyron, Ross Video, Wheatstone Corporation
• Create (Central Hall): Sony Electronics, Grass Valley, Canon, ARRI, Riedel Communications, FOR-A, Comrex
• Connect (West Hall): Verizon, AT&T, Bitcentral, Sencore, Xperi, RCS
• Capitalize (North Hall): Dell, Evertz, WideOrbit, ENCO Systems
• Intelligent Content (West Hall): Microsoft, Amazon Web Services, MediaKind, Veritone

“As a platform for millions of dollars in commerce, the NAB Show is pivotal in ushering in the latest innovations propelling content forward and leading our community into new territory,” said Chris Brown, NAB executive vice president and managing director of Global Connections and Events. “We are excited for attendees and exhibitors to experience the curated journeys available on our reimagined convention floor as we get back to doing business face-to-face.”

Other NAB Show floor destinations focus on specific themes and technologies and include:

• The ARRI and Fuse Virtual Production Stage includes live demonstrations for a compelling experience in how to take advantage of creative possibilities while optimizing workflows with cost efficiency.
• The ATSC 3.0 Pavilion will showcase deployments, consumer products and services, and the opportunity for broadcasters as ATSC 3.0 continues its expansion across the U.S. and the world.
• Connected Media|IP showcase is designed to provide solutions to creating a focused and engaged audiences through IPTV, OTT, mobile, social and the cloud.
• Future of Delivery is a new destination including an on-floor theater featuring content from industry visionaries looking at topics such as 5G, mobile video, streaming, satelliteIP, LEO satellite and any other technology impacting the future of distribution and delivery in the media broadcast space.
• Futures Park is dedicated to presentation of today’s edge-of-the-art media technologies from research and development facilities around the world. The PILOT booth will showcase an Android Automotive Broadcast Radio Interface as well as ATSC 3.0 technologies including broadcast applications running on commercially available NextGen TV sets.
• The IP Showcase is designed to guide industry professionals on the advantages of switching to IP, how to implement new infrastructure and make the shift as securely as possible.
• NextGen Now is a new attraction on the showcasing broadcast equipment from multiple manufacturers to help broadcasters understand the challenges and opportunities in implementing the ATSC 3.0 in local markets.
• The Streaming Experience is the largest showcase of its kind with demos of more than 50 streaming video platforms and devices. From smart TVs and streaming boxes to game consoles, attendees can test OTT services side-by-side and get their questions answered.

NAB Show will also feature new experiential zones in every exhibit hall – starting and check-in points where attendees can gain valuable insight into broader industry trends. Designed around themes of inspiration, innovation and implementation, Experiential Zones will offer a variety of activities, from free learning sessions to hands-on demos to unique networking opportunities, to prepare attendees before they dive into various exhibits on the show floor.

Startup companies, PILOT Innovation Challenge winners and NAB Show partners participating within the Experiential Zones are:

• Create: Yella Umbrella, Advanced Image Robotics, iRomaScents, Northeastern University, Spalk
• Connect: Vivoh, BEAM Dynamics, Townsquare Media, Michigan Radio, Stream VX
• Capitalize: tallio.io, CatapultX
• Intelligent Content: Gyrus AI

Guided tours of the show floor will also be offered to NAB members. In addition, CIM Tours will offer a series of industry tours led by industry experts. These curated tours will explore dedicated topics relevant for attendees ranging from business executives to live content creators to engineers and IT professionals.

Register as press for the 2022 NAB Show.

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First Look 2022: US Private Placement conference makes a lasting impression

Investors head Down Under with NAB to meet local issuers keen to engage with a uniquely stable, long-term funding source amid volatile times.

• By Corporate and Institutional Banking

After a pandemic-enforced hiatus, NAB’s First Look conference was back in Melbourne and Sydney for 2022, as a large group of major US Private Placement market investors flew to Australia to meet current and potential issuers.  

For most of the US guests, this was their first international trip after a long line of video calls in a relationship business that thrives on making lasting connections in person.  

“Issuers and investors are keen to do business with each other after a few years of a really challenging environment,” said NAB’s Geoff Schmidt, arriving from New York with his team.   

“The investors get a ‘first look’ at NAB’s next generation of issuers and everyone here is excited about making those connections that could, in many cases, be lifelong.”  

Schmidt, who is NAB’s Executive, Corporate Finance, US said the impetus behind First Look was to turn a traditional conference structure on its head by prioritising networking between buyers and sellers as the major activity alongside the rest of the program.  

The one-to-one issuer/investor meetings are run in conjunction with expert panels in the main room that are aimed at giving highlights across key sectors like infrastructure, property and utilities, and unpacking the USPP market for any first-timers.  

Schmidt said the US investors already had significant stakes in Australia and were keen to see their investments on the ground, with a series of site visits in both cities as part of the week-long tour.  

“We’re proud to have been able to do this again in what is a truly unique conference,” he said. “It’s a very human experience.”  

Flexible, long-term investment  

Investors in the USPP market are predominantly insurance companies in the US, with premiums they need to deploy across long-dated tenors of 10, 20 or even 30 years to match their liability books.   

Private placements provide critical diversification for these portfolios for both general accounts and third-party funds under management, with the investor pool growing in recent years to include pension and sovereign wealth funds.   

Advantages for the Australian and New Zealand issuers attending First Look include being able to access such a steadfast market that these long-term funding relationships bring, plus the flexibility to offer large or small tranches, with clear demand for both.  

Other attractions for issuers are the delayed draws of three months or more from pricing the transaction – known as a market standard “three for free” – as well as investor FX capabilities allowing funding to be deployed directly in a foreign currency, like Australian dollars.  

Schmidt said “The investors are showing their willingness to put up capital by coming down here. We have a dozen investors, most of whom have flown 17,000km, here with us to show support for this market.”  

Documentation  

For those wary of any extra US documentation and reporting hurdles, First Look this year included two special legal “bootcamp” sessions showing how the private placement process operates with vastly reduced complexity compared to a public issuance.   

Attorney Bruce Dailey, a partner at Sidley Austin, said the market has been set up to ensure easy navigation between parties and came without the reporting obligations of a US-registered public offering.  

Representing the investor side, Chapman and Cutler partner Michael Harrison said the overall process was more streamlined than is required for a public offering because the nature of private placements means investors have access to the agent and issuer during the marketing process, which enables them to do their own diligence.  

Schmidt said NAB sought to position the credit well so the book is oversubscribed, with the team also focused on expert distribution within their specialty sectors.  

NAB Associate Caroline Giaimo said the USPP marketing process generally involves talking to about 60 or 70 active investors for each specific type of transaction from a pool of more than 100 in the growing market.  

Giaimo said a Private Placement Memorandum (PPM) was the main offering document.  

There is also a growing market trend for issuers with an easier credit story to use an investor presentation slide pack which boils the information into the bullet points and graphs needed for a one-hour call.  

State of the market   

A key feature of the USPP market is both the scale and flexibility of the institutional investors involved. Of the 60 or so active participants NAB talks to day-in and day-out, about half are large institutions capable of bidding $US100 million or more on a single transaction.  

Average transaction size so far this year has been $US213 million, up from $US176 million in 2021. While the biggest recent single bid the team has seen was $US400 million, the rule of thumb is to secure three investors for every $US100 million needed.   

NAB Associate Director Allen Ying said given the diverse range of transactions and appetite it was all about positioning credit well and finding the right investors to fit an issuer’s financing needs.  

“The 30 that can provide a $US100 million or more are critical to building out the book and providing that base layer of support for transaction,” Ying said. “The 30 that are small to medium size are really critical … because they round out the book and provide flexibility around pricing, tenor and currency.”  

He said the overall stability of the market was on display in February this year in a NAB-led transaction which priced just as the Russia-Ukraine conflict was breaking out.  

“Ultimately the transaction was priced that morning without a hitch, with no delay, despite the extreme volatility that we saw due to the geopolitical events. I think that’s a great example of what this market represents for issuers.”  

Fellow USPP Associate Director James Bennett said while the average transaction size was up this year, the total volume of around $US61 billion to date was about 28 per cent off the pace for the same time last year.  

“The interesting thing is that the market is down but we’re seeing really strong appetite and participation from investors,” Bennett said. “On NAB-led transactions over the last 12 months our average oversubscription rate is 3.6 times. We’re seeing really strong demand continuing.”  

Factors for issuance being down this year were generally sector specific, amid further hesitancy given current rate increases and associated volatility. It comes after 2021’s record year featuring pent-up demand and some issuance being brought forward given headwinds.  

Property in the spotlight  

Looking geographically, Australia is a market still punching above its weight, but at 5.6 per cent of the total this year it is also down from a traditional 10-12 per cent. Australia is often competing with the UK for the number two spot being US domiciled issuers. Reasons include less favourable cross currency swap markets, volatility on rates, and a very accommodative banking system alternative, Bennett said.   

Of note, there has been almost no issuance from the Australian property sector in 2022 compared with about 15 per cent of total property issuance pre-Covid. There is still strong property issuance in other regions however, with property making 23 per cent of the total USPP issuance so far this year.  

“Property is a really interesting sector because following the onset of COVID-19 in 2020, property issuance fell by about a third as people waited to see how lockdowns played out. But since then, there’s really been huge demand,” Bennett said.   

With 76 per cent of the issuance coming from the US, investors are looking to diversify their portfolios into other regions, he said.  

The numbers show the diversified and industrial subsectors continue to be the most active, collectively making up around 65 per cent of total property issuance. But as appetite has increased, pure play retail issuance is already up 300 percent vs 2021, with demand also flowing into more specialised property like self-storage, data centres and healthcare assets.  

Overall, NAB’s US visitors said they were pleased to be back in person and looking forward to a trend of more in person roadshows in future, while watching the further development of sustainable finance across sectors.  

NAB is proud to be named US Private Placement (#USPP) House of the Year at the KangaNews Awards 2022  

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