(8 September 2011 – Australia) A statement issued by National Australia Bank (NAB) chief executive Cameron Clyne addressed the banks approach to the British market amidst rumours of merge-or-exit talks.NAB was locked in talks on Tuesday night on a merger or possible sale of its British assets with financial investment upstart NBNK.
The move could see NAB emerge with a stake in one of Britain’s biggest retail banks. It might also give the Melbourne-based bank an option to exit from a market that has been a perennial underperformer.
Mr Clyne said that there was a lot of debate in the UK market at present about the future shape of the UK banking industry.
He said there is a common theme being that the UK market would benefit from more traditional banks and more competition. NAB was in a ”great position” to capitalise on this sentiment, he said.
”Our No. 1 priority is, and has always been, to grow the business organically but in this climate it is also only natural that we would look at other options available to us,” Mr Clyne said.
NAB’s British operations are centered on Clydesdale and Yorkshire Bank, which analysts have valued at between $2.3 billion and $3 billion.