NAB drops out of UK auction
(7 June 2010 – UK) Spain’s Santander is now the front-runner to acquire over 300 UK branches from the Royal Bank of Scotland, as National Australia Bank reportedly pulls out of the race.
National Australia Bank’s already has a presence in the British markets, through its Clydesdale and Yorkshire banks, and was hoping that by adding the RBS assets to its portfolio the bank would have greater market penetration and a more saleable asset.
British reports over the weekend, citing an unnamed insider, suggest that NAB will no longer pursue the purchase due to continuing market volatility in Europe.
When NAB was approached by an Australian newspaper the bank declined to comment, however it is believed that the decision was made as so NAB could focus on its much desired takeover of AXA Asia-Pacific Holdings.
The bank confirmed last week that in an effort to secure regulatory approval for its outstanding bid on AXA’s Asian assets they were discussing the potential sale of AXA’s North investment platform.
National Australia Bank has until July 15th to secure the deal.
British reports over the weekend, citing an unnamed insider, suggest that NAB will no longer pursue the purchase due to continuing market volatility in Europe.
When NAB was approached by an Australian newspaper the bank declined to comment, however it is believed that the decision was made as so NAB could focus on its much desired takeover of AXA Asia-Pacific Holdings.
The bank confirmed last week that in an effort to secure regulatory approval for its outstanding bid on AXA’s Asian assets they were discussing the potential sale of AXA’s North investment platform.
National Australia Bank has until July 15th to secure the deal.
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