NAB Drops Bid For Lloyds Branches
National Australia Bank will not bid to acquire 630 branches of Lloyds Banking Group in U.K.
National Australia Bank (NAB) will not bid to acquire 630 branches of Lloyds Banking Group in U.K., Reuters reports. The bank is backing out due to the high price of $4.9 billion being demanded and a funding shortfall.
The Australian lender will resume the deal if the price is reduced by at least one fifth and if Lloyds takes over some loans to decrease the $25 billion funding gap between loans and deposits. NBNK, Co-Operative Bank and Virgin Money and Resolution are also considering a bid.
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