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NatWest may seek Friends
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August 30, 1999: 6:55 a.m. ET
Report: U.K. bank linked with bid for life and pension insurer in consolidation
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LONDON (CNNfn) - Britain's National Westminster Bank is preparing an $11.3 billion bid for Friends Provident, the country's fourth-largest life and pension insurance company, according to reports.
NatWest (NWB) is eyeing a deal following rapid consolidation in the financial services sector which has seen market leader Lloyds Bank (LLOY) pay $11 billion for Scottish Widows, another mutually-owned life and pensions provider.
Friends Provident, which has assets of around $50 billion, said it has not received a bid but has been reviewing its mutual status. The company was unavailable for further comment Monday on the reports published over the weekend.
U.K. number-four bank NatWest, which was also unavailable for comment, has seen its own strategy placed under scrutiny since a possible merger with Barclays Bank (BARC) was shot down by regulators questioning the dominance of the pair in U.K. corporate banking.
NatWest has focused on retail and corporate banking since selling the bulk of its investment banking operation in 1997. Chief executive Derek Wanless said earlier this month that the bank was examining acquisitions, with life assurance and pension providers the primary targets.
-- from staff and wire reports
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