National Australia Bank completes Great Western Bank acquisition

National Australia Bank Limited (NAB) today announced that it had completed its acquisition of Great Western Bancorporation, the holding company of Great Western Bank in the United States of America.

NAB Group Chief Executive Officer, John Stewart, said "We are delighted that Great Western Bank is becoming part of our Group of businesses.

"This acquisition offers a great opportunity for growth, by using Great Western Bank as the platform to establish NAB's agribusiness operations in the US.

"Great Western Bank is a well run and profitable business that has remained largely unaffected by the current market conditions in the US.

"Since announcing the acquisition we have made good progress on planning the integration of the two businesses, including the establishment of finance and risk management systems and the implementation of a strong governance framework.

"We have also received a positive response from Great Western Bank's employees, opening the way for strong collaboration between the two businesses."

Great Western Bank President and Chief Executive Officer, Jeff Erickson, said, "The response among our employees has been very positive as we also see this as a great opportunity to grow our business."

"By joining with an international banking organisation like NAB, we will be able to offer an even broader portfolio of products, services and capabilities while continuing the localised customer service our customers have come to expect from Great Western Bank," he said.

Great Western Bank is a regional bank headquartered in South Dakota, with assets of more than US$3.5 billion, around 900 employees and a network of more than 100 locations across six states. NAB announced the acquisition in November 2007.

Great Western Bank will form part of NAB's Development and New Business division under the leadership of George Frazis. In the US, Jeff Erickson will continue as Great Western Bank President and CEO, reporting to Ciaran McMullan, CEO Americas (Commercial) and a member of Mr Frazis' leadership team.

Media

Felicity Glennie-Holmes
T: +61 (0)3 8641 3627
M: +61 (0)412 673 038

Investor Relations

Hany Messieh
M: +61 (0)414 446 876