NAB considers scrapping NYSE securities listing
(25 August 2005 – USA) National Australia Bank chief financial officer Michael Ullmer has said the bank is reviewing whether to keep its securities listed on the New York Stock Exchange.
Speaking at a briefing, Ullmer said it was no longer necessary to register depository receipts on the NYSE for fund raising for wholesale debt in the US.
He said it was much easier to raise funds because of the increase in global capital. As a result, the bank was reviewing the listing which costs it many thousands of dollars a year in fees to lawyers.
NAB chief executive John Stewart said he would remain at the bank until the restructuring program had been finished and could yet renew his contract which is due to expire in February 2007.
This is after Stewart initially said he was at the NAB helm only until problems caused by the previous regime had been managed.
He said it was much easier to raise funds because of the increase in global capital. As a result, the bank was reviewing the listing which costs it many thousands of dollars a year in fees to lawyers.
NAB chief executive John Stewart said he would remain at the bank until the restructuring program had been finished and could yet renew his contract which is due to expire in February 2007.
This is after Stewart initially said he was at the NAB helm only until problems caused by the previous regime had been managed.
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