Great Western shrunk

Ian Rogers
Great Western Bank in the United States - NAB's ill-timed purchase in the United States agreed eleven months ago - isn't quite the bank it was represented to be at the time.

In November 2007 Great Western, according to NAB's investor relations, had US$3.4 billion and 800 employees.

As at September 2008 and after four months of ownership, NAB reported average assets for the South Dakota-based bank of only US$2.6 billion and growth of 11 per cent, annualised over four months, to US$3.2 billion.

So Great Western's management had the brakes on between agreeing terms for the sale and actually completing the sale to NAB. Great Western now has 816 employees.
Owen Analytics Logo
Stay Ahead: Professional-Grade Market Intelligence
Subscribe Now