NAB pulls out of race for RBS branches
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Santander has emerged as the front-runner to acquire the 318 Royal Bank of Scotland branches up for sale after it emerged that the National Bank of Australia could sell off its UK banking assets.
According to the Times, NAB chief executive Cameron Clyne is expected to put the groups Clydesdale and Yorkshire banks up for sale in the next few weeks.
Spanish bank BBVA is reported to be considering a takeover bid for NAB’s UK banking arms.
The report also claims that BBVA and NAB considered teaming up to launch a joint bid for the RBS branches, but now NAB is expected to quit its operations in the UK, after claims that it wants to concentrate its efforts in Asia.
State-backed RBS, which is 83 per cent owned by the taxpayer, has to sell 318 branches in order to comply with EU regulations after it received Government aid during the financial crisis.
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