National Australia Bank’s (NAB) pension deficit is one of the key sticking points in talks with NBNK.
NBNK is thought to be the only bidder remaining for NAB’s Clydesdale and Yorkshire Banks. It has told NAB it must either subtract the cost of its UK branches’ £200m-plus pension deficit from the price it is willing to pay or fund it itself. NBNK is also poised to renter the battle for the Lloyds’ branches that the Co-operative Group will buy if it can overcome the Financial Services Authority’s continued concerns over board structure and capital levels.
11/03/12 Sunday Telegraph B3
