February 13, 2018 / 11:47 PM / 11 days ago

National Australia Bank expects to meet Tier 1 target by 2020

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

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