Saturday, October 07, 2006

National Australia Reviews Credit Card Unit for Possible Sale

See this Bloomberg article.

National Australia is assessing whether it should focus on more profitable units because of concern it is losing customers to rivals. The Melbourne- based bank said in May it had lost market share in credit cards.

The bank has sold several units this year to focus on improving the performance of its domestic operations where revenue growth stalled following a currency-trading scandal in 2004. The review of National Australia's card unit began last month and is initially being conducted without external consultants or advisers.