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National Australia Bank (NAB) announced today it will re-open its foreign exchange options desk on 9 May 2005.
The re-opening of the foreign exchange options desk has been approved by the Australian Prudential Regulation Authority (APRA) and follows the completion of the specific requirements stipulated for reopening the desk.
In respect of the overall APRA remedial actions program, 72 of the 81 requirements have been submitted to APRA to date. Of these, 30 items have closed.
John Stewart, Chief Executive, said "We have reached a milestone in the remedial actions program and will continue to work closely with APRA to complete the program. We have made good progress but we envisage that it will take some time to close out the remaining actions."
Commenting on the re-opening Mr John Hooper, Executive General Manager, Institutional Markets & Services, said: "We look forward to restoring our presence and meeting the broader foreign exchange needs of our client base."
For more information contact:
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Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile
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Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile
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Fidelma Ryan
Communications Adviser
Institutional Markets & Services
03 8641 2586 work
0414 462 515 mobile
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Hany Messieh
Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile
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Note to Editors:
Institutional Markets & Services (IMS) is one of National Australia Bank Group's four business lines. A global product and services group, IMS is responsible for providing risk management, funding and investment solutions across all of the Group's client segments and is responsible for relationship management of the Financial Institutions segment on a global basis and the New York branch.
IMS consists of the following divisions:
Markets
Structured Products
Credit Products
Portfolio Management & Loan Syndications
Financial Institutions
New York Branch
Services
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