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Scotland in the Crisis: Banking and the Future

 

 

 

scotland map2 Blog Post Essays about the Economics of Scotland, right now; 1) banking (microeconomics) 2) post independence, the euro? (macroeconomics)

 

  1. ..... what I really meant to say about Clydesdale and NBNK; its the macroeconomics stupid

  2. Models of Small Open Economies; Lessons from Ireland for Scotland in the Euro.

NBNK to buy Clydesdale and Yorkshire banks in order to properly bid for Lloyds branches

Shares in NBNK, an investment vehicle bidding for a portfolio of Lloyds Banking Group’s branches, were suspended on Tuesday after the venture confirmed it was in talks to buy the UK assets of National Australia Bank. This according to Financial Times.

Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group

 

asymptotix GLW 2

 

Branches of Clydesdale Bank and Yorkshire Bank could be merged with assets of Royal Bank of Scotland and Lloyds Banking Group in an attempt to create a new retail banking competitor in Britain.

National Australia Bank (NAB), which owns Clydesdale and Yorkshire, said that it had been approached by industry players over potential consolidation involving both of the banks.

“We have been approached by a number of players in the UK market to see how we could work with them to participate in that consolidation,” said Cameron Clyne, chief executive of National Australia Bank, at the bank’s annual meeting.

“We are going to explore and assess what value these approaches offer for NAB shareholders,” he added. “We’re watching closely. We aren’t sure what assets will be divested.”

The move would support the European Commission’s objective of creating a new competitor in British banking. Neelie Kroes, the competition commissioner, is forcing RBS and Lloyds to sell parts of their businesses as punishment for receiving state aid.

"We left the money in the UK because of the cost of swapping it"!!!

clydesdaleNAB's group treasurer Eric Williamson said £500 million ($1.02 billion) raised by the bank through an oversubscribed debt issue in May was kept in NAB's two UK subsidiaries, Clydesdale and Yorkshire Bank. 

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