Sharechat Logo

NAB quits bidding for ABN Amro units

Wednesday 23rd July 2008

Text too small?
National Australia Bank (NAB), Australia's biggest lender, ended talks to acquire the Australian and New Zealand investment banking units of ABN Amro from Royal Bank of Scotland.

The bank gave no explanation for its withdrawal in its statement. The decision leaves Commonwealth Bank of Australia as the leading Australasian contender, the Sydney Morning Herald reported today.

The units could fetch A$500 million to A$1.3 billion, the Herald said, citing market observers. ABN Amro Australia Holdings made a profit of A$131 million last year, up 96% from the previous year.

Among the businesses for sale would be a half stake in ABN AMRO Craigs, which is owned 50-50 by senior employees of the firm and ABN Amro Holdings. Bank of Scotland acquired ABN Amro assets last year for about 14 billion euros.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete
Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement