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Derivatives

NAB Kick Starts Commodities Biz In U.S.

National Australia Bank plans to start a commodities sales activity in the U.S. and is hunting a senior commodities sales professional for the effort. Robert Cone, senior v.p. and head of the markets division for the Americas in New York, said the business line is a logical progression of NAB's lending activities in Australia, which the firm has been growing over the past two to three years and is now developing internationally. The sales pro will link the Australian agricultural producers with U.S. investors. In addition, the staffer will work with base metals and energy, he added.

Separately, the firm plans to hire an interest rate sales professional to meet increasing client demand for interest rate and structured products, Cone stated. NAB is in talks with individuals with experience in the short- to-medium-term section of the curve, to develop the firm's U.S. dollar derivatives and cross currency business.

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