Spain’s BBVA in talks to buy UK Yorkshire and Clydesdale banks

SPAIN’S BBVA has been in talks in recent weeks to possibly buy the Yorkshire and Clydesdale banks in Britain from owner National Australia Bank (NAB), according to weekend reports.

The potential sale, which could value the British business at £2bn, comes after NAB pulled out of the auction to buy 318 Royal Bank of Scotland branches on Friday.

Industry sources said NAB was expected to put the banks up for sale in the next several weeks.

NAB is expected to quit the British market altogether now, with a sale preferred over a listing of its UK business.

Both NAB and BBVA declined to comment.

BBVA has been conducting due diligence on a move into Britain for several months, following similar moves by its larger rival Santander.