NAB’s $230b business bank crown jewel faces its biggest test yet
Andrew Irvine knew the barbarians were at the gate from the day he was appointed chief executive of NAB. Thirteen months later, they are over the wall.
NAB CEO Andrew Irvine, left, in February 2024, when the bank announced he would replace Ross McEwan, right. Eamon Gallagher
Even on the day he was named as National Australia Bank chief executive, Andrew Irvine knew the barbarians were at the gate. NAB’s crown jewel, its $230 billion business bank, was facing more competition than ever before. Its rivals were sniffing its lucrative margins compared to mortgage lending and plotting to expand.
That was 13 months ago. On Monday, under relentless pressure from Commonwealth Bank and Westpac, and even smaller operators such as Judo Bank, Irvine was making changes.
James EyersSenior ReporterJames Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Lucas BairdReporterLucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
