NAB explains its UK options

National Australia Bank may still be open to acquisitions in Britain that supplement its existing business.

In a feature in the Financial Review, Lynne Peacock, chief executive of NAB in Britain, said that "given NAB is here it's a sensible strategy to grow organically and to also look to see if that growth can be supplemented, because fundamentally it enhances the value of NAB's investment here." 

Two more rounds of retail and small-business banking assets are up for sale in Britain, through no timetable has been set. One asset is the better parts of Northern Rock, nationalised early in the financial crisis. The second is a portfolio of branches of Lloyds Bank Group that the European Union is directing the bank to divest to compensate for its takeover of HBOS at the height of the crisis.

RBS is also selling branches, with the Spanish bank Santander taking ownership next year. NAB participated in the early stages of the bidding for the RBS branches.