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January 21, 2014

NAB plans to boost credit card business

National Australia Bank (NAB) is, reportedly, seeking to expand its operations by reducing interest rates on personal loans and launching new offers in credit card segment.

By Verdict Staff

National Australia Bank (NAB) is, reportedly, seeking to expand its operations by reducing interest rates on personal loans and launching new offers in credit card segment.

Under the plan, NAB recently cut the variable interest rate on unsecured personal loans from 11.99% to 1.51%, and launched a 0% balance transfer for 15 months.

According to an analysis by Finder.com.au, four major Australian banks had increased their market share in the credit card sector by 1% in the year to November 2013, giving the majors 84% of the market.

NAB, which has the smallest market share in credit cards business, is planning to expand business in the higher-margin unsecured lending market.

NAB consumer and cards general manager, Michael Shurlin, said they want to make it easier for their customers to get on top of their finances in the New Year with their market-leading offers.

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