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NAB In Talks With Spain’s BBVA For Possible Joint Bid For RBS Branch Network
Australian banking major, National Australia Bank (NAB) is in negotiation with Spanish banking giant BBVA about the creation of a British banking joint venture.
The two lenders are front runners in the race to acquire a 300 strong branch banking network from troubled UK lender RBS for £1.5 billion.
The UK banking sector is widely expected to go through a round of consolidation, following the global financial crisis, though the current European sovereign default crisis may delay the timing of the consolidation some what.
NAB who currently owns two UK lenders, including the Clydesdale and Yorkshire Banks, is said to have made an approach to BBVA in order to cut some kind of deal.
A combination of NAB and BBVA could then be used as a platform to make further acquisitions in the British banking sector, as new targets come up for sale during the next few months.
If the two lenders to manage to reach an agreement, it would result as a head to head battle between the combined bidders, and the other Spanish banking giant Santander for the RBS branch network.
Santander has already acquired Abbey, Alliance & Leicester and some parts of Bradford & Bingley.
BBVA and Santander, are the two largest banks in Spain, and already fiercely compete with one another in their domestic market.
Santander is considered to be the favourite to acquire the RBS branch network, after Richard Branson’s Virgin Money dropped out from the bidding.
The European Commission has directed RBS to sell its branch network, as part of a penalty for being bailed out by the British government during the height of the crisis.
The branch network is being sold along with the brand name Williams & Glyn’s, which was the name of RBS’s branch network in England before its acquisition of NatWest in 2000.
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2 Responses to “NAB In Talks With Spain’s BBVA For Possible Joint Bid For RBS Branch Network”
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I would like the bbv address in Sydney
I haven’t got the foggiest I am afraid, I doubt they will even be in Sydney, they are hardly present in the UK.