NAB supports Indigenous
(14 April 2008 – Australia) NAB has announced funding assistance for Aboriginal communities in the Northern Territory.
NAB announced it would provide up to $1 million in interest-free loan capital and additional funding to assist Traditional Credit Union Limited (TCU) to expand its banking services for Aboriginal communities in the Northern Territory.
Mr Ahmed Fahour, NAB executive director and CEO Australia, said that NAB and TCU would work together to open new TCU branches in the Northern Territory and explore ways help to address the financial exclusion of Indigenous Australia.
He also said that the indigenous are the most financially excluded group in this country and there is a growing demand for basic financial services.
Under the arrangement, NAB will provide TCU with interest free loans of up to $1 million, with no fees or charges, to fund the opening of branches in remote locations in the Northern Territory, providing access to financial services for more than 3,250 Indigenous customers, in the next five years.
In addition, NAB has created a grant, to the value of $200,000, for the TCU to fund activities as the new branches are opened over the next five years such as advertising, legal costs, development of brochures and website upgrades.
Cathy Hunt, general manager of TCU said that the cost to open these new branches had been a barrier to TCU. She said that the arrangement with NAB helped to remove this barrier.
Mr Ahmed Fahour, NAB executive director and CEO Australia, said that NAB and TCU would work together to open new TCU branches in the Northern Territory and explore ways help to address the financial exclusion of Indigenous Australia.
He also said that the indigenous are the most financially excluded group in this country and there is a growing demand for basic financial services.
Under the arrangement, NAB will provide TCU with interest free loans of up to $1 million, with no fees or charges, to fund the opening of branches in remote locations in the Northern Territory, providing access to financial services for more than 3,250 Indigenous customers, in the next five years.
In addition, NAB has created a grant, to the value of $200,000, for the TCU to fund activities as the new branches are opened over the next five years such as advertising, legal costs, development of brochures and website upgrades.
Cathy Hunt, general manager of TCU said that the cost to open these new branches had been a barrier to TCU. She said that the arrangement with NAB helped to remove this barrier.
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