NAB at British fork in road
(25 November 2009 – UK) European regulation forcing banks, which received government assistance during the global financial crisis, to sell assets has NAB watching the market ‘very closely’.
Speaking from the Australian-Israel Chamber of Commerce lunch earlier in the week, Mr Clyne said that the bank is watching the changes taking place in the UK financial sector before deciding whether NAB will expand in or exit the market.
Mr Clyne also added that it’s not exactly clear what assets will be divested; there is currently not enough detail yet as to how the market will behave.
The two banks owned by NAB, Clydesdale Bank and Yorkshire Bank, are only small players in the United Kingdom market but continue to keep a strong position during the global financial crisis and neither of the have banks required government aid.
Clydesdale Bank has grown its deposits at four times the rate of the industry as a whole, highlighted Mr Clyne.
Mr Clyne also said that any overseas dealings come second to NAB’s focus on Australia.
The European Commission is forcing UK banking giants Lloyds Banking Group and Royal Bank of Scotland to sell of parts of their businesses in an effort to stop them having an unfair advantage and to increase market competition.
Mr Clyne also added that it’s not exactly clear what assets will be divested; there is currently not enough detail yet as to how the market will behave.
The two banks owned by NAB, Clydesdale Bank and Yorkshire Bank, are only small players in the United Kingdom market but continue to keep a strong position during the global financial crisis and neither of the have banks required government aid.
Clydesdale Bank has grown its deposits at four times the rate of the industry as a whole, highlighted Mr Clyne.
Mr Clyne also said that any overseas dealings come second to NAB’s focus on Australia.
The European Commission is forcing UK banking giants Lloyds Banking Group and Royal Bank of Scotland to sell of parts of their businesses in an effort to stop them having an unfair advantage and to increase market competition.
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