(14 September 2007 – Australia) National Australia Bank (NAB) unveiled a banking business designed specifically to service the needs of the A$335 billion government department and agencies and the A$20.5 billion local government sectors.George Frazis, executive general manager, Business and Private Banking, NAB, said that NAB has recently established other business units in specialised sectors such as NAB Health and the Food, Fibre & Beverage business.
The business unit is headed by Helen Silver as general manager of NAB Government Business. Ms Silver is a former deputy secretary of the Victorian Department of Premier and Cabinet and the Department of Treasury.
She said that the strategy will be to take a wide ranging approach in dealings with Government clients, from investment advisory to transaction banking and merchant services.
She added that there has been increasing pressure on Governments to deliver more cost efficient services and adopt best practice in transaction banking and financial services.
With revenue recorded at A$32 billion and A$44 billion for the Victorian and NSW Governments respectively, their income stream was comparable with some of Australia’s largest companies. Federal Government income was about five times some of the country’s top private companies at A$260 billion, she said.