Focus on strategic priorities

RNS Number:6612U
National Australia Bank Ld
27 January 2004


                                                         Group Corporate Affairs

                                                         National Australia
                                                         Bank Limited
                                                         ABN 12004044937


                                                         500 Bourke Street
ASX Announcement                                         Melbourne
                                                         Victoria  3000
                                                         Australia


                                           Melbourne, Tuesday 27th January  2004


National focuses on strategic priorities

The National Australia Bank has sold its shareholdings in St George Bank, AMP
Limited and HHG Plc.

The AMP and HHG shareholdings have been sold in block trades to Merrill Lynch.
The St George shares are being sold in an overnight book-build which has been
fully underwritten by Merrill Lynch.


Final details of the sale will be announced following the completion of the
book-build.

The Chief Executive Officer of the National, Mr Frank Cicutto, said an
in-principle decision to dispose of the shareholdings subject to market 
conditions and final approval was made late last year.

"Current market conditions have facilitated the sale of the shareholdings at an
attractive profit to the National," he said.

"Going forward, our priorities will be further integrating our banking and
wealth management businesses, developing our European business and rebuilding 
market confidence in our risk management systems."



For further information please contact:


Robert Hadler                                     Brandon Phillips
General Manager                                   Group Manager
Group Corporate Affairs                           Group Corporate Relations

03 8641 3876 work                                 03 8641 3857 work
0404 805 675 mobile                               0419 369 058 mobile

or visit www.nabgroup.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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