NAB still eyeing larger AMP stake
(Australia) National Australia Bank hasn’t ruled out going after more shares in AMP despite last week’s knock-back when trying to up the bank’s stake to 11 percent.
National chief executive Frank Cicutto told journalists he was "comfortable" with the bank’s current 5.4 percent stake in AMP and would await demerger documents regarding AMP’s UK operation before making fresh moves.
He said the stake in AMP was a strategic investment and that the two organisations shared similar operating philosophies.
National attempted to snare 174 million shares, or 11 percent, last week but could only increase its original stake of 3.1 percent to 5.4 percent when the bank was unable to find enough investors willing to part with their AMP stock.
He said the stake in AMP was a strategic investment and that the two organisations shared similar operating philosophies.
National attempted to snare 174 million shares, or 11 percent, last week but could only increase its original stake of 3.1 percent to 5.4 percent when the bank was unable to find enough investors willing to part with their AMP stock.
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