National Australia Bank (NAB) has appointed Inder Singh (pictured) as its next group chief financial officer and group executive, strategy, with his tenure set to begin in March 2026.
Singh joins NAB from QBE Insurance Group, where he has served as CFO since 2018, bringing extensive experience in both banking and insurance.
At NAB, Singh will lead finance operations along with the strategy and group development teams.
NAB CEO Andrew Irvine said Singh’s experience in complex financial environments will support the bank’s strategic priorities.
“Inder has been working in a highly regulated and complicated sector. He has driven a strong performance focus including investment strategies delivering improved outcomes for the business and been heavily involved in transformation and technology investment and initiatives,” he said.
Singh described his move to NAB as an opportunity to apply his expertise in a customer-focused environment.
“NAB’s ambition to be the most customer-centric company in Australia and New Zealand was a major attraction. Banking is a highly competitive industry like insurance where looking after customers has to be the most important consideration,” he said.
Shaun Dooley, who has been serving as acting group CFO since March 2025, will return to his role as group chief risk officer once Singh assumes the CFO role.
Irvine acknowledged Dooley’s contribution during the interim period.
“The depth of our executive team has been demonstrated through Shaun serving so strongly as our group CFO during the transition phase,” he said.
Singh will operate out of NAB’s Sydney headquarters, pending regulatory approval.
Singh’s career spans more than 20 years across banking, property and casualty, and life insurance.
Before joining QBE, he held senior positions at Aviva plc, Deutsche Bank, and UBS, including advisory roles in mergers, acquisitions, and capital strategy.
During his tenure at QBE, he also served as CFO for Australian and New Zealand operations and as group head of corporate development and financial planning & analysis.
The appointment comes as NAB reports a 4% increase in business and private banking lending over the three months to June 2025.
Australian home lending also rose by 2%, tracking system growth, while deposits remained largely unchanged for the quarter but rose 6% over the nine months to June.
Irvine highlighted ongoing efficiency initiatives and productivity targets exceeding $400 million for FY25.
He added that the bank’s balance sheet management continues to prioritise safety and sustainability.
NAB’s work to enhance compliance with anti-money laundering and counter-terrorism financing requirements contributed to AUSTRAC cancelling its Enforceable Undertaking.
Meanwhile, NAB’s FY25 operating expenses are now expected to rise approximately 4.5%, reflecting costs from a payroll remediation program.
The initiative, currently estimated at $130 million, stems from an ongoing review that began in 2019 and the implementation of upgraded HR and payroll systems.
Sarah White, NAB group executive people and culture, emphasised the importance of accurate payroll management.
“Paying our colleagues correctly is an absolute priority. We are sorry and apologise to our colleagues that this has happened and have commenced remediating those impacted,” she said. “A dedicated team is continuing to investigate and resolve issues, remediate colleagues, and ensure sustained future compliance.”
