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Australia's NAB targets at least $633 million in lending to indigenous businesses

(Reuters) - National Australia Bank Ltd said on Wednesday it has set a new target to more than double its lending to indigenous businesses and communi.

NAB announces First Nations business growth ambition with a $1 billion lending target

Australia's NAB targets at least $633 million in lending to indigenous businesses

Earlier this year, a review by the country's corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee accounts. NAB, the country's second biggest lender, said the new lending target highlights a surge of more than 140% based on its current lending of just A$413 million helping stimulate "sustainable business growth" among indigenous communities. "During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective," said Andrew Irvine, NAB Group Executive Business and Private Banking.

NAB Sets $1B Lending Target for First Nations Business Growth

Australia's NAB targets at least $633 million in lending to indigenous businesses