NAB bid for ABN AMRO
National Australia Bank stands to gain a pre-eminent position at the top end of the financial planning industry if it is successful in its acquisition bid for ABN AMRO in Australia and New Zealand.
The bank confirmed to the market today that it was in advanced discussions to acquire ABN AMRO Australia and New Zealand.
In an announcement released on the Australian Securities Exchange, the bank said it was participating in a process being conducted by the Royal Bank of Scotland to acquire ABN AMRO Australia Holding Pty Ltd, which owns and operates the investment banking and wholesale banking businesses of ABN AMRO in Australia.
NAB said there can be no certainty that a transaction will result and that any potential transaction would be subject to due diligence and, ultimately, regulatory approval.
However, if the bid were to prove successful, it would see ABN AMRO Morgans and the New Zealand-based ABN AMRO Craigs coming under a broader bank umbrella and add significantly to the top end of NAB/MLC’s wealth management profile.
AUTHOR
Mike Taylor
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