(18 May 2010 – Australia) National Australia Bank is reportedly looking to collaborate with the large Spanish bank BBVA to launch a joint bid for the United Kingdom’s Royal Bank of Scotland branches.NAB, which currently boasts the Clydesdale and Yorkshire banks as part of its British portfolio, is reportedly considering the move in order to head off a challenge for the RBS assets from another Spanish bank, Santander.
The bank’s CEO, Cameron Clyne, has had to re-shuffle his options after the industry regulator ACCC gave the surprise ruling that NAB’s proposed purchase of AXA’s Australian assets would diminish competition in the retail investment platform market.
The Royal Bank of Scotland, which is 70 percent government owned, is selling 318 branches in the UK with bidding expected to reach up to A$4 billion.