| Headline: NAB faces international identity crisis Source: Euromoney Date: November 2001 Author: Julie Dalla-Costa AUSTRALIA
NAB is an experienced acquirer in the UK, with a positive track record. Mike Macrow, bank analyst at Salomon Smith Barney in Melbourne, says: “Their track record has been reasonable in that most of the things they’ve bought are worth a lot more now than their acquisition prices.” In 1987, NAB acquired Clydesdale Bank in Scotland and Northern Bank in Northern Ireland. These were followed by the acquisition of Yorkshire Bank three years later. Analysts say the performance of these regional banks has been quite good, but NAB still lacks a presence in the larger southern England market. NAB’s strategy is to create an international amalgamation of regional banks, say analysts. The acquisitions of Bank of New Zealand in 1992 and Michigan National Corp in 1995 are further pointers to this strategy. | |||||||||||||||||||||||||||||||||||||||||