NAB Seeks Lloyds Branch Bid Partners

National Australia Bank is in discussions with possible partners to make a joint offer for 600 Lloyds Banking Group’s branches in the U.K.

National Australia Bank (NAB) is in discussions with possible partners to make a joint offer for 600 Lloyds Banking Group’s branches in the U.K., Reuters reports. The Australian lender is in talks with firms, including NBNK Investments and Spain’s BBVA. In case NAB wins the bid with a partner, it may sell its existing U.K. assets into a joint venture and later sell down its stake in the venture. Lloyds, which is 41% owned by U.K. taxpayers, has been asked to sell the 600 branches by the European competition authorities.

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