23 Jul 2008

NAB withdraws from bid for ABN-AMRO

1:40 pm on 23 July 2008

The National Australia Bank has ended talks to purchase the Australasian operations of ABN-AMRO.

ABN-AMRO is one of New Zealand's biggest investment and wholesale banks and includes the sharebroking joint venture, ABN AMRO Craigs.

National Australia Bank said earlier this month it was participating in an aquisition process being conducted by the Royal Bank of Scotland, which is part of a consortium that bought the Dutch parent company last year.

In a short statement, National Australia Bank said on Wednesday it is now withdrawing from the sale process.

A company spokesperson says it revealed the earlier interest in a bid only because of an underwriting agreement and its obligation to inform the market.

Due to confidentiality arrangements, the company says it can't provide any details on why it's lost interest in ABN-AMRO Holdings.