NAB takes forex options hit

New angles

National Australia Bank (NAB) has begun a review of its risk management controls following an estimated A$185 million ($141 million) pre-tax loss due to ‘fictitious’ foreign exchange options trades.

But the final figure is likely to end up being even higher pending a revaluation of NAB’s entire forex option portfolio, which the bank said will likely lead to further losses. Dealers were speculating that this figure could top A$600 million, although NAB chief executive Frank Cicutto said in a

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