Phased sell-down speculation over NAB in UK

Speculation over National Australia Bank's options for selling its banking business in Britain got a fresh airing in an article in The Times yesterday.

There's minimal new detail in the newspaper's report, which repeats suggestions about NAB's intentions made in a similar article, in The Sunday Times, three weeks ago, and then reflected in follow-up media reports in Australia.

This time, The Times reported that "banking insiders said that NAB may work with a partner to bid for the Lloyds' business, such as Lord Levene's NBNK vehicle.

"Such a deal could also allow NAB to leave Britain, with NBNK paying the Australian bank for its assets over a period of time."

NAB's management has made it plain it is looking into its options in Britain and that this includes investing in the business (including by acquisition) as well as selling out.