NAB happy to maintain status quo in the UK

National Australia Bank (NAB) yesterday said it was happy with the status quo in the UK and any acquisitions it made there would have to meet its financial criteria.

NAB chief executive Cameron Clyne also told analysts there were no immediate plans to change the mortgage rate despite rising funding costs.

NAB’s UK operations – which include Yorkshire and Clydesdale banks – have been a subject of speculation with some reports indicating Spanish banks have bid for the business.

Earlier this week Australia’s competition regulator agreed to consult the market on NAB’s proposals to salvage its $12bn (£7.5bn) takeover of Axa Asia Pacific.

NAB is hoping its revised offer will assuage the concerns of the regulator after its original proposal was rejected in April. The bank wants to secure its prominent position in the $1 trillion wealth management business in Australia.