(29 May 2007 – Australia) National Australia Bank has launched NAB Health, targeting medical practitioners, healthcare and aged care facilities and investors in the $90 billion healthcare sector.NAB Health forms part of the bank’s Specialised Businesses division, headed by Bruce Munro and established in late 2006 to emulate the success of NAB’s agribusiness unit across a range of other industry sectors.
NAB Health general manager Rob Wright said health spending in Australia was growing by A$6 billion a year yet the healthcare sector was not getting the specialised financial services and advice expected from banks.
He said healthcare was a large and complex business comprising sub-segments such as hospitals, aged care, pharmacy, GPs, medical specialists, veterinarians, dentists, pathology services and specialist services like physiotherapy.
NAB Health has appointed banking partners to specialise in each sub-segment, has more than 200 staff on board, and is looking for additional staff with a background in healthcare.
The business will have its own banking infrastructure, including its own credit policies and credit approval staff, business analysts and banking products and services tailored to various segments within the healthcare sector.
“NAB Health will be offering a full suite of financial services products covering deposits, lending, wealth management, equipment leasing and EFTPOS transactions for medical businesses,” Wright said.