Feb 14 (Reuters) - National Australia Bank on Wednesday said it expects to meet the Australian Prudential Regulatory Authority’s (APRA) target for common equity Tier 1 capital by January 2020.
In July, APRA raised the target for major banks’ Tier 1 ratio by 150 basis points to at least 10.5 percent in an attempt to protect the Australian finance sector from shocks.
Melbourne-based NAB is running behind its three main rivals - Commonwealth Bank of Australia, Australia and New Zealand Banking Group and Westpac Banking Corp - to meet the regulatory requirement.
Earlier this month, NAB had said its CET1 ratio was 10.2 percent as at Dec. 31.
Reporting by Susan Mathew in Bengaluru; Editing by Stephen Coates