NAB may tie up with Resolution and Blackstone for RBS branches: report

06 Feb 2010

1

The Australian banking major National Australia Bank (NAB) is joining hands with like minded investment firms to acquire more than 300 branches of the troubled British lender RBS, newspaper reports said today.

According to the Telegraph co UK, National Australia Bank has been approached by private equity firm Blackstone and Resolution Group, Clive Cowdery's buy-out vehicle, about a potential team bid for RBS' small business banking assets.

NAB already owns two UK lenders - the Clydesdale and Yorkshire Bank.

Spanish banking giant Santander is thought to be the other potential bidder for the RBS branch network, which is being sold under the Williams & Glyn's brand name.

On 27 December 2009, RBS said that it is aiming to raise about $3 billion through asset sale in the New Year. RBS expects to close the sale of its retail and commercial banking business in India, China and Malaysia to HSBC before the year-end (See: RBS to raise $3 billion through asset sale in 2010).

Many financial institutions around the world have evinced interest when RBS, which is majority held by the UK government, put up a document containing details of the branches in the network that are being sold.

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