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National Australia Bank (NAB) today unveiled a specialised banking business to service the financial needs of the $335 billion1 government department and agencies (general government) and $20.5 billion local government sectors.
George Frazis, NAB Executive General Manager Business & Private Banking Australia, said the NAB Government Business is the latest in a series of new business units that underpins NAB’s strategy to beef up its specialised business offerings to customers.
"Key to this focus is drawing on the success of NAB’s Agribusiness model. NAB has recently established specialised business units dedicated to key sectors and customers with NAB Health and its Food, Fibre & Beverage business," he said.
The specialised business unit is headed by Helen Silver, General Manager of NAB Government Business.
"As Australia’s leading business bank, NAB has strong commercial systems for managing the large and complex financial requirements of government," she said.
“The strategy will be to take a “whole of NAB” approach in our dealings with government clients – from the investment advisory services of NAB’s MLC and Wealth Management group though to transactional banking and merchant services with nab Business and Private Banking.
“While Government spending as a percentage of GDP has remained fairly constant, there is increasing pressures on governments (local, state and federal) to deliver services in a more cost efficient manner due to changing demographic trends and ageing infrastructure.
“This means that the government sector has to work more efficiently and adopt best practice transactional banking and financial services. This is one area where NAB is keen to develop partnerships with the government sector.”
Ms Silver, a former deputy secretary of the Victorian Department of Premier and Cabinet and the Department of Treasury, heads a team of specialist bankers focusing on local, state and federal Government business.
“The efficient running of Government business is critically important to Australia’s productivity,” she said.
“With respective revenues of $32 billion and $44 billion for the Victorian and NSW Governments2, their income streams compare with those earned by some of Australia's largest companies. While Federal Government income of $260 billion is about five times the size of some of the country's top firms.
“NAB is a market leader in providing fraud protection services and purchasing cards to large corporations in Australia. NAB Government Business will give us the capacity to deliver these same market leading services to the government sector.
“With our specialist team working in a partnership model with a single-minded focus on Government, we can deliver these services with a complete understanding of government needs.
“We clearly understand that Governments are required to work within detailed procurement guidelines, uphold probity standards and incorporate meaningful risk management procedures. We have assembled a team of specialist bankers with experience in corporate and business banking who can work in partnership with Government in this environment."
Ms Silver said the service requirements of the three levels of government and individual agencies required tailored solutions.
“Local Government has a strong community focus. NAB’s long-time participation in funding and fostering community initiatives, and our extensive network of business bankers on the ground, is what Local Governments tell us they are looking for," she said.
Senior bankers have been assigned to each local council across Australia to work in partnership with them to meet their banking needs. In addition, lead senior partners have been appointed to focus specifically on Federal and State Government business.
These senior bankers are supported by product specialists who are experts in tailoring financial solutions in areas such as business credit, asset finance for local government, merchant services and transaction specialists across all three tiers of Government.
For further information, please contact:
Kerrina Lawrence
Media Relations Manager
National Australia Bank Limited
M 0417 034 738
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