Santander UK considers bid for NAB's UK business

Spanish bank Santander is considering the acquisition of National Australia Bank's (NAB) UK business for two billion pounds.

Spanish bank Santander is considering the acquisition of National Australia Bank's (NAB) UK business for two billion pounds.

NAB attempted to sell its network of 337 branches but gave up plans last April.

According to the Sunday Times, Santander management could be studying a potential bid after it failed to buy 316 branches from Royal Bank of Scotland in October 2012.

The Spanish bank has shown interest in strengthening its position in the UK. Santander UK managing director Ana Patricia Botin has said that the British business could be floated within months and valued at about £10bn.

Spain's largest bank is also in the news after launching a new five-year bond issue with an initial price of 195 basis points above mid-swap.

By 09:47 in Madrid, Santander was down 0.17% at €6.429.

LS

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