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In a surprise move Bank of New Zealand's parent National Australia Bank (NAB) chose not to put a bid in for the BT Funds Management.

Monday, May 31st 1999, 12:00AM

by Philip Macalister

In a surprise move Bank of New Zealand's parent National Australia Bank (NAB) chose not to put a bid in for the BT Funds Management.
For weeks now NAB has been considered the front runner to acquire the Australian and New Zealand businesses of BT from Deutsche Bank.
Four companies put bids into to Deutsche's adviser, Goldman Sachs, by the Saturday deadline. They include Westpac, ASB Bank's parent Commonwealth Bank of Australia, US-based Principal and Lend Lease.
Currently Deutsche is negotiating with the first three of these bidders, however it is understood to be keen to lure NAB back into the round.

None of the parties are commenting on the process at present, however it is thought that NAB's withdrawal was related to several factors including: price (A$2 billion plus), staff retention and integration issues.
A decision on the sale may be made sometime this week.
A further development is that Deutsche may now sell BT's funds management and investment bank businesses separately.
The investment bank has been on the market for more than five months, however a buyer is proving difficult to find. When Deutsche decided to sell the funds management business it also decided to bundle the business up with the investment bank.
Bidders wanting only the funds management side of BT haven't warmly received this decision.
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Full Rates Table | Compare Rates

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
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ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
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Pepper Money Advantage 10.49 - - -
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SBS Bank 8.74 7.74 7.09 6.95
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SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
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Westpac 8.64 ▼7.49 7.35 6.99
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Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

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