Sponsored by
National Australia eyes Lloyds' branch sell-off
Clydesdale owner National Australia Bank (NAB) is reported to be planning a bid for the 600 branches that Lloyds Banking Group is being forced to sell as a condition of its government bail-out.
If successful, the move would more than double the number of branches NAB, which also owns the Yorkshire Bank, has in the UK.
Lloyds has until the end of 2013 to offload the branches, but new chief executive Antonio Horta-Osorio kick-started the sale sooner than expected earlier this month.
It is also having to offload 19 per cent of its mortgage book, current accounts equal to a 4.6 per cent share of the UK market, the TSB brand and Intelligent Finance. The assets on their own would create Britain's seventh- largest bank, and are estimated to be worth more than 3 billion.
NAB is understood to be working on a number of possible structures for the deal, but a spokesman yesterday declined to comment on the speculation.
Email to a friend
Print this page- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Rangers takeover: Duff & Phelps threaten legal action against BBC
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Friday 25 May 2012
Today
Sunny
Temperature: 10 C to 21 C
Wind Speed: 14 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 9 C to 20 C
Wind Speed: 15 mph
Wind direction: North east
