Australia's NAB targets at least $633 mln in lending to indigenous businesses

National Australia Bank Ltd (NAB.AX) said on Wednesday it has set a new target to more than double its lending to indigenous businesses and communities to at least A$1 billion ($633.70 million) over the next three years.

The move comes at a time when banks have borne the brunt of increased regulatory scrutiny in a push for better banking outcomes for indigenous consumers, including access to better finances and quality of life.

Earlier this year, a review by the country's corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee…