ASX Announcement - NAB sells global fleet services business - 5 May 2006

National Australia Bank Limited (NAB) today announced it has agreed to sell its Custom Fleet business to GE Commercial Finance, the business-to-business financial services unit of General Electric Company.

Subject to adjustments related to the sale the agreed price is $550 million to acquire net assets of $230 million.

Custom Fleet is a global fleet management and leasing business with operations in Australia, New Zealand and the United Kingdom. 

"While Custom Fleet has been a profitable part of the National Australia Group since 1984, it is not part of our core business," said National Australia Bank Group Chief Executive Officer, John Stewart.

"GE's expertise and activities in fleet finance and management make it an ideal home for Custom Fleet, allowing NAB to concentrate on our core capabilities where we can create sustainable growth in shareholder value," he said.

Steve Sargent, Chief Executive Officer, GE, Australia and New Zealand said: "Custom Fleet is a good business and a good fit for GE Commercial Finance."

The sale is subject to regulatory approvals and to no material adverse change occurring within the business prior to completion.

For further information:

Brandon Phillips
Group Manager, External Relations
T  03 8641 3857
M  0419 369 058

Hany Messieh
Head of Investor Relations
T  03 8641 2312
M  0414 446 876

Kim Lovely
External Relations Manager
T  03 8641 4982
M  0406 035 243