The prudential regulator said it was satisfied that NAB had fixed its governance issues, but was silent on two of the other big four banks.
Already a subscriber?The prudential regulator lifted a $500 million capital penalty imposed on National Australia Bank in 2019 because of concerns about its culture around managing risk, saying those problems have now been resolved.
Commonwealth Bank’s $1 billion dollar capital add-on was removed in September 2022. It was installed in May 2018, as a regulatory response to the findings of the APRA prudential inquiry into CBA, which followed itsFollowing the CBA inquiry’s final report, APRA wrote to the boards of 36 of the largest banks, insurers and superannuation funds, asking them to determine if any of the weaknesses in culture uncovered by the CBA inquiry applied to them.
“NAB has worked hard to get the basics right for customers and colleagues and address the root causes of the issues identified in the self-assessment,” said outgoing CEO Ross McEwan, in a release to the ASX. “There’s more to do, and we will continue to build on the significant improvements made to governance, risk and culture.”
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