NAB wants changes to Lloyds
(20 July 2011 – Britain) National Australia Bank (NAB) has pushed British bank Lloyds to restructure the sale of its 632 retail branches for a more attractive deal before it bids.
NAB is one of the frontrunners to buy the branches, which will massively increase its current Clydesdale and Yorkshire branches in Britain.
It is understood that NAB, along with rival interested potential bidders, has stepped up pressure on Lloyds to reduce the number of large-scale loans that would be part of the deal.
The Times reported yesterday that while NAB did not lodge an indicative bid by the deadline last week, the bank remained keen on a deal.
There has been speculation that NAB will join with NBNK, a private equity joint venture, to fund the purchase.
The sale, which will effectively create Britain's seventh-largest bank, has been ordered by European authorities after Lloyds nearly collapsed during the global financial crisis.
NAB is thought to be a preferred buyer of the assets as it would have to inject less capital into the deal because of its existing British banking licence.
It is understood that NAB, along with rival interested potential bidders, has stepped up pressure on Lloyds to reduce the number of large-scale loans that would be part of the deal.
The Times reported yesterday that while NAB did not lodge an indicative bid by the deadline last week, the bank remained keen on a deal.
There has been speculation that NAB will join with NBNK, a private equity joint venture, to fund the purchase.
The sale, which will effectively create Britain's seventh-largest bank, has been ordered by European authorities after Lloyds nearly collapsed during the global financial crisis.
NAB is thought to be a preferred buyer of the assets as it would have to inject less capital into the deal because of its existing British banking licence.
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