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NAB out of line of SME code

NAB will be a rare industry voice supporting a A$5 million loan threshold to define a small business, an update on its "Action on recommendations from the Royal Commission" shows.The bank will apply the $5 million figure even if the Code of Banking Practice retains the $3 million cut-off, as the Australian Banking Association has proposed.NAB said on Friday "it has completed or was in the process of implementing 26 recommendations," and supported 72 in all.Board member Ann Sherry is leading the "Board Customer Committee."

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