by Chris Becker
The last cab off the rank in the banking oligopoly, National Australia Bank (NAB), which routinely has been the worst performer, has surprised the market this morning on two fronts.
First, it announced a $5.5 billion capital raising getting ahead of its peers in terms of shoring up a paper thin capital base. This is the biggest capital raising in corporate history, well ahead of RIO’s $4 billion raising and suggests more are on the way for Megabank as a whole.