AA for effort
National Australia Bank has successfully defended its AA-credit rating throughout the financial crisis. But chief risk officer Bruce Munro believes continued improvements to the bank's risk culture will be needed. Joe Marsh reports
Australia's big four are likely to remain among the strongest banks in the world based on asset quality and key earnings metrics, according to Sharad Jain, the Melbourne-based director of financial services ratings at Standard & Poor's (S&P). The rating agency reaffirmed its AA ratings for them on July 1, meaning Australia & New Zealand Banking Group, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corp now account for half of the eight banks worldwide
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