(11 June 2008 – USA) National Australia Bank has recently announced the completion of the acquisition of the US Great Western Bank.The purchase was completed for US$798 million (A$836 million), in which NAB has purchased Great Western Bankcorporation, which is the holding company of Great Western Bank.
NAB has indicated that Great Western Bank will be used as the platform to establish NAB’s agribusiness operations for the United States.
NAB group chief executive officer, John Stewart, said that the acquisition offers a great opportunity for growth.
Stewart looked to reassure stakeholders about the acquisition, indicating that Great Western Bank has remained largely unaffected by the current credit crunch.
He also said that it was a well run and profitable bank.
With assets of US$3.5 billion (A$3.67 billion), Great Western Bank is a regional bank based in Sioux Falls, South Dakota. It currently employs around 900 employees through a network of more than 100 locations across six states.