(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.