NAB seeking advice on possible Rock bid

NATIONAL Australia Bank is reportedly sounding out advisers over a possible bid for nationalised Northern Rock.

The group – which owns Clydesdale and Yorkshire banks in the UK – has held a "beauty parade" of potential investment banking advisers to assist it in an auction of the Newcastle-based lender.

NAB, which operates in ten countries, has hosted presentations from the likes of Lazard, Citigroup, CSFB and Morgan Stanley, according to reports.

The bank is looking to become a major player as Northern is returned to the private sector and Royal Bank of Scotland and Lloyds Banking Group are forced to sell off hundreds of branches in a shake-up of the UK banking industry.