NAB UK arm in spotlight again
(29 September 2011 – Australia) Britain’s Sky News reported that National Australia Bank’s (NAB) UK unit is under focus after a second buyout fund made an offer for its banking arm.
London-based private equity fund Sun Capital made a £2 billion (A$3.1 billion) offer for Clydesdale and Yorkshire bank.
The offer is structured in two possible ways: cash or partly in cash and partly in shares in a new Sun Capital vehicle.
However the report said NAB has already rejected the offer, but was open for further talks.
The report comes on the heels of NAB chief financial officer Mark Joiner declaring his bank will not launch a fire sale of its British banking assets.
Earlier this month a second buyout fund NBNK entered into talks with NAB over a possible part acquisition of the Clydesdale assets.
The two were then expected to use Clydesdale as a vehicle to bid for the 637 Lloyds branches being sold under the regulatory crackdown ordered by the European Commission.
NAB's two British banks have market share of just under 5 percent.
NBNK last week said it was still seeking to buy 632 branches from Lloyds.
The offer is structured in two possible ways: cash or partly in cash and partly in shares in a new Sun Capital vehicle.
However the report said NAB has already rejected the offer, but was open for further talks.
The report comes on the heels of NAB chief financial officer Mark Joiner declaring his bank will not launch a fire sale of its British banking assets.
Earlier this month a second buyout fund NBNK entered into talks with NAB over a possible part acquisition of the Clydesdale assets.
The two were then expected to use Clydesdale as a vehicle to bid for the 637 Lloyds branches being sold under the regulatory crackdown ordered by the European Commission.
NAB's two British banks have market share of just under 5 percent.
NBNK last week said it was still seeking to buy 632 branches from Lloyds.
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