National Australia Bank Limited (ASX:NAB) says it’s still focused on growth in the United Kingdom, after Moody’s downgraded NAB’s UK-based Clydesdale Bank’s ratings by a notch, warning it may cut ratings further, citing a possible sale of the business.
Moody’s says the discussion about a potential sale by NAB senior management has raised questions about NAB’s long-term commitment to the UK market.
NAB is said to have rejected a $3 billion offer from Sun Capital for Clydesdale in recent weeks.
In the first half of its 2011 financial year National Australia Bank recorded a net profit of $2.4 billion.
