SYDNEY, Nov 10 (Reuters) - National Australia Bank (NAB) is raising A$2 billion ($1.35 billion) in a share placement to strengthen its balance sheet and 'take advantage of organic growth opportunities', the bank said on Monday.
The nation's biggest lender cited more favourable market conditions for its move, which it said would be equivalent to expected shortfalls in its dividend reinvestment plan.
The share proceeds would take its tier-one capital adequacy ratio to about 8.0 percent, NAB added.
($1=1.477 Australian Dollar)
(Reporting by Mark Bendeich; editing by Jonathan Standing) Keywords: NAB/ (mark.bendeich@thomsonreuters.com; +612 9373 1817; mark.bendeich.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The nation's biggest lender cited more favourable market conditions for its move, which it said would be equivalent to expected shortfalls in its dividend reinvestment plan.
The share proceeds would take its tier-one capital adequacy ratio to about 8.0 percent, NAB added.
($1=1.477 Australian Dollar)
(Reporting by Mark Bendeich; editing by Jonathan Standing) Keywords: NAB/ (mark.bendeich@thomsonreuters.com; +612 9373 1817; mark.bendeich.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.