Commonwealth Bank of Australia was in discussions with Royal Bank of Scotland to acquire ABN Amro Australia Holdings, the bank announced today.
The bank has exclusivity in the negotiations and due diligence.
"ABN Amro Australian and New Zealand businesses would be complementary to the Commonwealth Bank's already extensive institutional banking and markets business and would enhance the range of services that the bank offers in the financial markets areas," the bank said in a media release.
The proposal is incomplete, subject to further negotiation and subject to signing a final binding agreement.
The bid comes after National Australia Bank yesterday announced it had withdrawn its bid for ABN Amro Australia.
