NAB resisting offer pressure for Lloyds
(14 July 2011 – Australia) According to British reports, National Australia Bank (NAB) is resisting pressure to make a rushed indicative offer for 632 branches auctioned by Lloyds Banking Group.
A snap deadline for indicative offers was set by Lloyds chief executive Antonio Horta-Osorio, leaving bidders for the network of retail branches a bit stunned.
NAB was still believed to be in the running to buy the network, but The Guardian reported it had told Lloyds it wanted more time to submit its opening bid.
The report said also that the timetable for the auction allowed some flexibility.
NAB is seen as a contender to buy the branches, which the European Union has indicated must be sold under competition rules after Lloyds accepted £20 billion (A$30 billion) in state aid during the financial crisis.
NAB, which operates the Clydesdale and Yorkshire brands in Britain, is well capitalised, has the required infrastructure and has only a 2 percent market share.
NAB chief executive Cameron Clyne declined to comment yesterday on whether the bank would lodge an indicative bid.
NAB was still believed to be in the running to buy the network, but The Guardian reported it had told Lloyds it wanted more time to submit its opening bid.
The report said also that the timetable for the auction allowed some flexibility.
NAB is seen as a contender to buy the branches, which the European Union has indicated must be sold under competition rules after Lloyds accepted £20 billion (A$30 billion) in state aid during the financial crisis.
NAB, which operates the Clydesdale and Yorkshire brands in Britain, is well capitalised, has the required infrastructure and has only a 2 percent market share.
NAB chief executive Cameron Clyne declined to comment yesterday on whether the bank would lodge an indicative bid.
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