NAB will provide financial support to these companies, either through loans or by facilitating access to capital markets, and will also support them with other needs such as transactional banking and risk management.
NAB has also appointed a team that focuses on high-growth technology companies.
This announcement has come after the publishing of the Australian National Outlook 2019 (ANO), a report prepared by CSIRO, NAB and 20 other non-government organisations. The ANO identified six challenges that Australia might face in 2060, and recommended five shifts (industry, urban, energy, land, and culture) to achieve the growth vision outlined in the report.
The industry shift recommended investing in technology and innovative growth industries, in order to create more resilient, productive and competitive domestic and export sectors. This, in particular, has prompted NAB’s $2 billion commitment to back innovative technology companies, thus supporting Australia’s economic growth.
Anthony Healy, NAB’s Chief Customer Officer, Business and Private Banking, said that NAB wanted to boost productivity in Australia’s technology sector by supporting companies at a critical stage of their lifecycle.
NAB can support technology companies in all stages of their lifecycle, from small startups to companies in their growth and maturity phases.
Mr Healy explained, “This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better”, adding that “These tech-driven companies are often already profitable but need further capital and banking expertise to grow.”
Mr Healy said, “As Australia’s leading business bank, this $2 billion commitment is further demonstration that we are listening to our customers and supporting their needs today, and planning and investing in Australia’s long-term future.”
NAB will consider backing companies from any sector that have technology-enabled business models, and which have high levels of medium-term potential.
Cover Photo: ISPT