2019-03-14 22:41:15


March 15 (Reuters) – National Australia Bank said on Friday it would expand the threshold for small business protections and would work with regulators to implement other key recommendations of an inquiry into financial-sector misconduct.

Australia’s fourth-largest bank said it would extend its definition of small businesses to those with aggregate borrowings of less than A$5 million ($3.5 million), up from less than A$3 million.

In its final report last month, the government-mandated inquiry recommended banks be required to broaden the definition of small businesses so that more borrowers would benefit from protections when they experienced hardship.

($1 = 1.4148 Australian dollars)

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