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News Now

CU System
Australian bank to fund indigenous CU branches
MELBOURNE (4/10/08)--National Australia Bank Ltd. (NAB) will offer a $1 million interest-free loan to help fund new indigenous credit union branches in Australia's Northern Territory, the bank announced Wednesday. NAB also will provide other financial and in-kind support during the next five years to the Traditional CU (TCU), the nation's largest indigenous-owned and operated financial institution, said NAB's Australian head, Ahmed Fahour (Australian Associated Press Financial News Wire April 9). Fahour predicted the bank's support would boost TCU's presence in the Northern Territory by 40%. He made the announcement during a speech on social inclusion, financial disadvantage and the role business should play in addressing those issues.


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