Nab Named As Suitor For Bradford & Bingley
The Age
Tuesday September 23, 2008
NATIONAL Australia Bank has been named as one of several banks reportedly involved in talks with British regulators to engineer a takeover of troubled lender Bradford & Bingley.
NAB was named along with Dutch-based ING and Spain's Santander as holding contingency talks with the Britain's Financial Services Authority to gauge interest in the mortgage bank, according to an unsourced report in the London-based The Daily Telegraph.Nevertheless, analysts say the likelihood of NAB pursuing an expansion of its British operations is low. They expect it to focus on BankWest. The new owner of BankWest, Lloyds TSB, is widely speculated to be pushing for a sale of its Australian operations.One analyst said NAB would have been required to disclose talks if they were at a material stage as part of the cleansing statement surrounding the $600 million hybrid share issue the bank launched yesterday.In July, NAB was forced to reveal that it was involved in talks with the Australian arm of ABN Amro, as part of a cleansing statement released with details surrounding its dividend-reinvestment program.A NAB spokesman declined to comment. -- ERIC JOHNSTON
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