National Australia Bank chief executive John Stewart told reporters yesterday that NAB was "having a look at how St George might fit with NAB, but we haven't made any decisions either way; either to walk past it or to get involved."
Stewart spoke with reporters following an address to the Melbourne Centre for Financial Studies yesterday morning.
"We are watching St George with interest and it is changing," he said, in the
Herald Sun's account of his comments.
"We will not do anything that is not good for shareholders…We're not interested in empire-building for the sake of it.
"NAB doesn't need any acquisitions to create value over the next few years," he said.
Westpac last week offered 1.31 of its shares for each St George share, with the two banks undertaking due diligence. They are likely to enter into a merger agreement next week, though that still requires endorsement by St George shareholders and regulators.