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NAB eyes more o/s targets

by Staff Reporter7 minute read
The Adviser

National Australia Bank may be in the market for one of the Royal Bank of Scotland’s (RBS) banking branches.

According to a report in The Australian, the RBS has put more than 300 of its branches up for sale and given interested parties until the end of the month to express an interest.

The sale has been accelerated because of a flood of interest from potential buyers and comes as the battle heats up for control of British retail banking.

Last week, NAB sent the rumour mill into overdrive with talk of its plans to acquire UK banking establishment Northern Rock.

The major already owns Clydesdale and Yorkshire banks in the UK, but is hoping to expand its presence overseas and shake-up the British banking sector.

However, NAB faces stiff competition from Richard Branson’s Virgin Money which is also looking to expand this year having put the plans in place to acquire a banking license.

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