The Managing Director and Chief Executive Officer of the National, Mr Frank Cicutto, told the Australian Shareholders Association in Melbourne: "We are still on track to deliver full year cash earnings per share growth at the bottom of our 8-11 percent range despite adverse exchange rate impacts." Mr Cicutto
also told the ASA
that the National
had delivered significant shareholder value through several key acquisitions that had transformed the company from a regional bank in the early 1980s into a broader financial services institution.
The three transformational acquisitions were the Commercial Banking Company of Sydney
, the acquisition of several banks in the UK and New Zealand, and finally the acquisition of MLC
in 2000.Mr Cicutto
focused on the following key aspects of the MLC
the distinctive wealth management culture of MLC
has been retained the independence of the advisory network has been protected and secured
also discussed a new set of principles to guide future growth at the National
to fulfill its purpose of Growth through Excellent Relationships.
said, "Our strategy is biased towards revenue growth because companies with strong revenue growth create the most shareholder value." Address by Mr Frank Cicutto, Managing Director and Chief Executive Officer, National Australia Bank