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Lloyds confirms NZ sale option
(CNN) -- British bank Lloyds TSB has confirmed it is looking at selling its National Bank of New Zealand Ltd -- a deal that could raise up to $4.2 billion. The bank, owned outright by Lloyds TSB since 1966, is New Zealand's largest, with assets of NZ$39 billion ($22 billion). Any sale would have to convince competition regulators of its worth and also overcome domestic political objections. Potential bidders include three of the big four Australian banks -- ANZ, Commonwealth Bank of Australia and Westpac, and global banks such as HSBC. The biggest Australian bank, NAB, is not seen as a contender. It already owns the No. 2 bank, Bank of New Zealand, with assets of about NZ$37 billion. In a statement issued in London late Monday, Lloyds TSB said that after receiving a number of approaches, it was "considering its options" regarding its New Zealand unit. Lloyds TSB said it was undertaking a strategic review so that potential offers, along with the option of retaining the business, could be considered. ANZ, which already has a strong presence in New Zealand, is regarded as the leading contender. Commonwealth Bank of Australia CEO David Murray said last month the bank would consider bidding for National Bank of New Zealand if it was put up for sale. The Commonwealth Bank's existing New Zealand unit, ASB Bank, is the smallest of the major banks and concentrates on the largest city, Auckland.
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