NAB to remain a UK force
(18 June 2010 – UK) National Australia Bank’s chief financial officer, Mark Joiner, has dismissed rumours that the bank will pull out of the British market all together after dropping out of an auction for 318 Royal Bank of Scotland branches.
Mr Joiner said that the bank would retain its presence in the UK market and ride out and recovery.
With RBS, NAB decided that given what was on offer, its own situation and the bank’s view of the market, they were not ready to buy, Mr Joiner said.
NAB feels actually quite good about its franchise in the UK.
There has been a lot of investment in the last few years and it has made enormous reputational gains because it's the only bank in Scotland that didn't go broke, Mr Joiner added.
The CFO also said that the bank was ‘optimistic’ that, despite the ACCC’s concerns, it could acquire the New Zealand and Australian businesses of Axa Asia Pacific Holdings.
With RBS, NAB decided that given what was on offer, its own situation and the bank’s view of the market, they were not ready to buy, Mr Joiner said.
NAB feels actually quite good about its franchise in the UK.
There has been a lot of investment in the last few years and it has made enormous reputational gains because it's the only bank in Scotland that didn't go broke, Mr Joiner added.
The CFO also said that the bank was ‘optimistic’ that, despite the ACCC’s concerns, it could acquire the New Zealand and Australian businesses of Axa Asia Pacific Holdings.
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