Trade buyer takes to NAB US banking runt
Great Western Bank in the United Sates will be sold by way of trade sale, sparing NAB a drawn out share sale via the IPO route.National Australia Bank may name the buyer in coming days.GWB was always better as a trade sale prospect, the type of business needing to be drawn into a more dynamic alignment of industry interests - a type unappealing to NAB.Over ten years of stewardship NAB did little with GWB, other than not losing money.A farm belt name from the Dakotas, GWB soaked up a couple of stretched local industry tiddlers after the crisis, with FDIC support.GWB pressed on in the undergrowth of US banking, generating little value for NAB.