Mallesons Stephen Jaques partners Diana Nicholson and Craig Semple have been acting for NAB on this transaction.

NAB will also offer up to A$750 million of shares under a non-underwritten share purchase plan.

Allens Arthur Robinson acted for the joint lead managers and underwriters - Deutsche Bank, Goldman Sachs JBWere and Merrill Lynch. The Allens team was led by partner and co-head of Equity Capital Markets Robert Pick and included senior associate Emin Altiparmak.

"This capital raising not only ensures we maintain a strong balance sheet position, but also provides us with the flexibility to support our existing customers, accelerate initiatives to enhance our SME market position, and pursue additional organic and strategically aligned inorganic opportunities," NAB chief executive Cameron Clyne said.