National Australia Bank (NAB) is planning to raise A$1.4bn ($959.7m) to meet crucial regulatory deadline early next year.

The Australian lender aims to raise the capital, the second in the month, by issuing medium-term notes, reported Reuters.

The issue will comprise A$1.18bn of notes with a floating rate, while A$225m will have a fixed rate. The two sets will be due in November 2031.

In Australia, the new core capital ratio requirement of 10.5% is set to become effective from 1 January 2020.

NAB, with a ratio of 10.38% currently, is the only Big Four lender below the threshold.

Earlier this month, the lender announced an A$1.55bn capital raising, as part of its efforts to improve capital flow.

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Among other Australian lenders, Westpac announced an A$2.5bn capital issue this month.

In September, Commonwealth Bank of Australia also launched an A$2.5bn notes issue.

NAB is one of the largest banks in Australia with around nine million customers. With staff strength of 30,000, the company serves its customers through more than 900 locations.

Recently, NAB introduced a free credit check service for all.

The service will enable all Australians to access their credit report and score with NAB, irrespective of who they bank with.

The NAB Credit Health report is delivered in partnership with illion-owned business Credit Simple.