NAB 'in talks' over branch bid

US private equity firm Blackstone and British buyout firm Resolution Group have talked to National Australia Bank about teaming up for its possible bid for more than 300 Royal Bank of Scotland branches, it was reported yesterday.

By The Newsroom

Published 5th Feb 2010, 19:16 BST

Updated 5th Feb 2010, 19:16 BST

NAB is mulling an offer for 318 branches and RBS asked potential

suitors to express interest by the start of this week. RBS is being forced to sell by European competition authorities.

NAB had held talks with at least five parties about how to fund its expansion in Britain, the report said.

Resolution said yesterday its priority remained deals in the insurance sector, but it also looks at other areas.

Blackstone's talks with NAB were at "a very early stage" and the US firm sees a number of opportunities in the sector, a source said. NAB and Blackstone declined to comment.

Royal Bank of Scotland