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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

National Australia Bank / Equity Bottom-Up

*AML/CTF Violations: National Australia Bank (NAB.AU) [NAB] announced that it was informed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that it had identified “potential serious and on-going non-compliance” with NAB's compliance with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006, and the AML/CFT Rules 2007; and*Fundamental Challenges Too: AML/CTF is not NAB’s only challenge. NAB's 1H21 NIM declined another 3 bp HOH to 1.74%, and will remain challenged from this low rate environment, competitive pressures, and higher mortgage concentrations well into FY 2022. In addition, NAB’s loans 90+ days past due loans increased over 30% HOH due to challenges from Australian mortgage customers exiting loan deferrals.

*AML/CTF Violations: National Australia Bank (NAB.AU) [NAB] announced that it was informed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that it had identified “potential serious and on-going non-compliance” with NAB's compliance with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act 2006, and the AML/CFT Rules 2007; and*Fundamental Challenges Too: AML/CTF is not NAB’s only challenge. NAB's 1H21 NIM declined another 3 bp HOH to 1.74%, and will remain challenged from this low rate environment, competitive pressures, and higher mortgage concentrations well into FY 2022. In addition, NAB’s loans 90+ days past due loans increased over 30% HOH due to challenges from Australian mortgage customers exiting loan deferrals.

Australia & New Zealand Bankin (ANZBY US)

National Australia Bank

National Australia Bank - Nabbed