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NAB welcomes further industry support for business

Below is a statement from NAB CEO Ross McEwan on the new banking industry support measures announced today:

“NAB is pleased to extend its support for Australian businesses as part of a significant industry wide initiative announced today.

“Today’s measures announced by the Australian Banking Association build on the existing Small Business Relief Package and provide a six-month deferral for businesses with a loan facility of up to $10 million.

“This means more than 98% of NAB’s business lending customers, or over 150,000 businesses across Australia, will have access to this support if they have been impacted by COVID-19.

“In particular, these new measures will be critical for commercial property customers struggling to meet their own commitments as a result of tenants experiencing difficulty.

“We will now move to implement these measures as quickly as possible.

“In this rapidly changing environment NAB stands ready to provide all the support we can to help our customers and the broader economy.

“NAB will work with the industry, government and the regulators on other measures that might be required in the coming weeks and months.”

Today’s announcement is in addition to the support NAB is already providing to business and personal customers dealing with the impact of the Coronavirus pandemic.

“If any customer has questions or concerns please don’t wait – contact your banker now to explore what assistance is available,” Mr McEwan said.

For customers experiencing difficulty, and for more information on the availability and nature of these measures, please visit nab.com.au/coronavirus

Media note: The industry package announced today is subject to Australian Competition and Consumer Commission approval.

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