NAB goes west with US purchase
(30 November 2007 – USA) National Australia Bank has announced it is buying US regional bank, Great Western Bancorporation, for about US$798 million.
Based in Sioux Falls, South Dakota, the acquisition of Great Western is viewed by NAB as a platform to replicate it successful Australian agri-banking business model in the US.
Great Western has assets of more than US$3.4 billion, some 800 employees and more than 100 branches across six states in the mid-west of the US.
NAB chief executive John Stewart said the US bank had a strong deposit base and very good growth prospects.
The banks strengths are commercial lending, wealth management distribution and insurance agency sectors.
Stewart said these were all areas where NAB had a strong track record.
In Australia, NAB’s Specialised Businesses division, rolled out this year, is also an attempt to use the successful Agri model in other selected industry sectors.
Great Western has assets of more than US$3.4 billion, some 800 employees and more than 100 branches across six states in the mid-west of the US.
NAB chief executive John Stewart said the US bank had a strong deposit base and very good growth prospects.
The banks strengths are commercial lending, wealth management distribution and insurance agency sectors.
Stewart said these were all areas where NAB had a strong track record.
In Australia, NAB’s Specialised Businesses division, rolled out this year, is also an attempt to use the successful Agri model in other selected industry sectors.
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