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NATIONAL AUSTRALIA BANK DELAYS BRIEFING ON UK OPERATIONS.
MELBOURNE, April 1 Asia Pulse - National Australia Bank Ltd (ASX:NAB), battling to contain a boardroom crisis, has delayed a scheduled briefing on its United Kingdom operations, sparking speculating it may seek to offload the operations.
Banking analysts are divided over whether Australia's largest bank intends to sell its United Kingdom assets later this year.
NAB has put back a scheduled May briefing on its UK portfolio - the Northern Bank in Northern Ireland, the National Irish Bank, the Clydesdale Bank in Scotland and the Yorkshire Bank - sparking speculation that it could be looking for buyers for those assets.
Aspect Huntley research director Peter Warnes said he would not be surprised to see NAB divest itself of the UK banking operation and offset that with writedowns in the second half.
"There are a few buyers around in the UK for those assets - (NAB) don't seem to have been able to get it to work because it is a bit disjointed," Mr Warnes said.
"Nothing happened in the first half in terms of a writedown except the $A360 million ($US275.38 million) (lost because of rogue trading), so they will have a good hard look in the second half.
"I wouldn't be at all surprised to see them divest themselves of the UK banking operation and offset that with the writedowns."
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Source: HighBeam Research, NATIONAL AUSTRALIA BANK DELAYS BRIEFING ON UK OPERATIONS.