National Australia Bank (NAB) is in no hurry to exit the UK,
according to an interview given by Mark Joiner, NAB’s executive
director of finance, to Reuters.
NAB has been linked with a possible sale of
its UK subsidiaries, Clydesdale and Yorkshire which combined,
amount to $4.5bn of assets and a branch network of 330 outlets.
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Joiner told Reuters:
“The UK business does not lose money. The
market is at the bottom and so is sterling. It is a rotten time to
sell. There will be no fire sale.
He said that NAB would prefer to raise returns
on its UK units and exit in a few years time, or kick off an
IPO.
NAB had also been linked with a possible deal
with private equity start-up NBNK.
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By GlobalDataThe private equity firm headed by celebrity City figure Peter
Levene was formed for the purpose of making acquisitions in order
to establish a major UK retail bank.
NBNK, together with Sun Capital Partners and The Co-Operative
Bank remain in the running for 632 branches being sold by Lloyds
Banking Group.
