CANBERRA: National Australia Bank, the smallest of the big four banks, is fighting for a greater share of the business lending sector, doubling its monthly business lending target and flagging plans to hire 200 new bankers.
The lender today said it was lending around $2 billion a month to businesses, going above the target pledged by NAB last year.
The bank also said it was going on a hiring spree, looking to sign on 200 new bankers to drive and support its business lending book.
“We have good momentum and we can all sense the increased confidence right across the business,” business banking chief Angela Mentis said.
Although NAB is the smallest of the country’s big four lenders in terms of market capitalisation, it holds the biggest business loan book.
The value of NAB’s loans and advances to financial and non-financial corporations totals around $149 billion. Australia’s biggest lender, the Commonwealth Bank, holds business loans of around $134bn, according to the latest APRA figures.
Westpac holds around $117bn of business loans, while ANZ’s totals nearly $108bn.
“NAB, as Australia’s largest business bank, is well placed to hold and build our position as the dominant business lender in Australia,” Ms Mentis said. “We view our relationship and engagement with our business customers as critical.”
