Twa more banks may merge
PA Melbourne The National Bank of Australasia, Ltd, Australia’s third-largest bank, has proposed a merger with the Commercial Banking Company of Sydney, Ltd, the nation’s fifth-largest, National Bank’s chairman (Sir Robert Law-Smith) announced. He said the National proposes offering a one-for-two share swap. The move comes after last week’s announcement that the A.NJZ. banking group and the Commercial Bank of Australia, Ltd, were discussing a merger, and a statement that the Bank of New
South Wales was dusting off its merger files. Sir Robert Law-Smith said that the offer of two National Bank ordinary shares for each C.B.C. share and convertible note was made to the chairman, Sir Robert Crichton Brown, late yesterday afternoon. The C.B.C. immediately called a board meeting to consider the offer, and a spokesman said there was no comment on the offer at this stage. A National Bank spokesman said preliminary talks had been held with the C.B.C. regarding a possible merger but so far there had been no reaction to the proposal.
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Press, 9 May 1981, Page 18
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172Twa more banks may merge Press, 9 May 1981, Page 18
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