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Article: Farm Belt Pulls NAB Back to U.S.: Echoes of Rabobank in Great Western deal.(National Australia Bank Ltd.)
- Article from:
- American Banker
- Article date:
- November 30, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Seven years after selling its U.S. banking arm to one Dutch company, National Australia Bank Ltd. is returning with what looks like a page from another Dutch lender's playbook.
The $495.9 billion-asset NAB announced Thursday that it plans to buy the $3.47 billion-asset Great Western BanCorp. Inc. of Omaha for $798 million in cash.
The seller's Great Western Bank, of Watertown, S.D., has more than 100 branches in six states, principally in the Midwest agricultural region.
"Our agreement today is the springboard" for NAB "and Great Western Bank to launch a proven and successful agribusiness relationship banking model into the western U.S.," ...