section 3 results for the year ended 30 september 2002 management discussion and analysis 13 & overview 14 to marked end of a two period in which national australia bank group has been reshaped during this time integrated mlc acquisition form an international wealth division operating six countries exited retail banking united states through sale michigan corporation recapitalised sold mortgage operation homeside after suffering 8 billion writedown business restructured into three regional operations internationally focused wholesale financial services implemented wide productivity improvement program positioning growth that will deliver annual expense reductions 370 million by 2004 produced much more streamlined tightly is well positioned future reshaping seen profit impacted number major items including funding cost acquiring cash on subsequent recapitalising
