(2 March 2005 – Europe) The sale of National Australia Bank’s two Irish businesses to Danske bank has been completed following the green light from the regulator.NAB sold Northern Bank and National Irish Bank to Danske for A$2.5 billion with the bank making a profit of A$1.1 billion on the deal.
NAB said as a result of the sale, which was announced in December last year, its Adjusted Common Equity capital would increase by approximately A$1.8 billion.
The Australian bank will provide the new owners with transitional services for a period of up to 18 months at cost.