Business Services Industry
Big blow to NAB's reputation.
Australasian Business Intelligence, September, 2001
Sep 4, 2001 (The Australian Financial Review
ABIX via COMTEX) -- The US company, Homeside Lending, was supposed to deliver cheaper mortgage processing to National Australia Bank. Instead, Homeside delivered high risk and a writedown of more than $A3bn. NAB's US assets have caused its shareholders much angst. Meanwhile, the NAB board is in the process of finding new members and has appointed a new chairman, Charles Allen, formerly of Woodside Petroleum. There is no doubt that NAB will survive the HomeSide debacle, also not without its reputation being severely tarnished.
NATIONAL AUSTRALIA BANK LIMITED -
ASX NAB:
HOMESIDE LENDING INCORPORATED: WOODSIDE PETROLEUM LIMITED - ASX WPL
By John Durie
All copyright...
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