Best of the 4 Banks, page-32

From AFR

Australian Foundation Investment Company has made a contrarian bet on beleaguered National Australia Bank, revealing it had increased its holding after the appointment of Phil Chronican as acting chief executive and chairman elect.

Australia’s oldest listed investment company said at a shareholder meeting on Monday the negativity surrounding the bank in the wake of the release of the banking royal commission’s final report in early February – including the resignations of CEO Andrew Thorburn and chairman Ken Henry – had pushed NAB shares down to an attractive price.

The appointment of Mr Chronican, who has strong banking experience, saw AFIC move in.