Strong, well-diversified business platform in Australia and New Zealand, and a well-established banking footprint in the U.K. Strong balance-sheet structure and earnings generation Very good asset quality and credit underwriting standards Weakness in some of the bank's risk management, corporate governance, and culture Regulatory sanctions impeding capital and strategic flexibility Earnings primarily relying on banking operations Exposure to highly competitive market segments The ratings on National Australia Bank Ltd. (NAB) reflect its well-diversified and soundly based banking franchise, solid cash generation, and very good asset quality. Its business profile is broad based, and includes life insurance and wealth management activities through its MLC brand. Earnings are sound and supported by strong asset quality, partly reflecting benign domestic conditions and core
