Santander denies interest in NAB:

National Bank of Australia’s shares rose and rallied hard on the back of news that a Spanish bank, Santander was looking to buy a stake in the NAB’s troubled British arms. The National bank of Australia was recently in trouble with its partnerships with the British banking companies, which were into co-operation with them for years.

But, in few years these British banks got into trouble and were not able to generate as profit as it should generate. The National Bank of Australia is having an impact on its financial structure due to this.

When such downfalls of British banks of NAB were reported, they were seeking other investors who are interested to buy their troubled British banks.

Spanish bank Santander was the organization about which there was rumor that it is interested to buy the shares of the troubled British banks of NAB. With such rumors, the share price of the National Bank of Australia rose hard.

On Monday, a huge rally was seen on the share price after news came out that the Spanish bank, Santander is considering to invest an amount of STG 2 billion to buy the shares of British arms of the bank of Australia.

They were talking about buying the shares of British banks, specifically, Clydesdale bank & also the Yorkshire bank. These two banks are having backlash in their earnings for few years & have caused a lot of setback for the National Bank of Australia.

But, all the hopes are deemed too early with the news that Santander is now denying the possibility that they can take such step to buy the shares of British banks from NAB. An agent from the bank of Santander said that it has been downplayed with the report by the bank. He also said that- “Santander was not in talks with NAB and, instead, was focused on organic growth for its British operations.”

The two British banks which were being operated with the regulation of NAB have seen huge losses in the last year, for which the NAB is also disappointed with its performance.

Such problems are being raised due to the economic problem that is going on in British countries & also in over all Europe. According to the statistical reports of 2011, until September, these two banks called Clydesdale & also the Yorkshire made a total loss of STG 139 million.

The value of this amount of money equals to 210.99 million Australian dollars. The poor quality of small business organizations which are being promoted in the British countries & the problematic issues of housing loans that is continuing in almost all British countries for years are also accountable for these two banks to face such a huge amount of loss.

To make up the losses, the NAB has decided to make a cut in the employment position. There can be 1400 job cuts due to the restructure of UL banks by the NAB. The bank also has transferred almost 9.11 billion Australian dollar of housing loans, from Clydesdale bank to the NAB branch of London.

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Category: Finances
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