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There are plenty of big lenders battling to offer businesses loans, along with start-ups like Square’s offering, but the biggest player in this space seems to be keeping well ahead of its rivals – no matter how hard they try.
APRA figures for May show that NAB issued $1.3 billion in loans to businesses. This is the fourth month in a row that the big four lender has increased the amount it has loaned to Australian businesses.
How the big four stacked up in May (net loan book gain)
National Australia Bank +$300m
Commonwealth Bank c-$100m
The bank has added at least 500 staff to deal directly with customers over the last three quarters, with business banking boss Andrew Irvine joining the bank last September from Bank of Montreal.