NAB’s potential bid
(10 February 2010 – Australia) National Australia Bank has been approached by US private equity group Blackstone, and British buy-out firm Revolution to create a potential bid for as many as 300 branches of RBS, reported The Financial Times.
The ailing Royal Bank of Scotland is now 84 percent owned by the British government after being rescued during the global financial crisis.
The 318 RBS branches for sale are to be renamed Williams & Glyn’s and NAB is one of the few banks that has expressed an interest in becoming part of the deal.
According to the Sydney Morning Herald newspaper, a source close to the deal said that Blackstone’s talks with the National Australia Bank were at very early stage.
Resolution said its priority remained deals in the insurance sector, but it would look at other areas. It had held talks with NAB, but was unlikely to seek non-insurance deals for the time being, a source also told the newspaper.
The 318 RBS branches for sale are to be renamed Williams & Glyn’s and NAB is one of the few banks that has expressed an interest in becoming part of the deal.
According to the Sydney Morning Herald newspaper, a source close to the deal said that Blackstone’s talks with the National Australia Bank were at very early stage.
Resolution said its priority remained deals in the insurance sector, but it would look at other areas. It had held talks with NAB, but was unlikely to seek non-insurance deals for the time being, a source also told the newspaper.
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