National Australia Bank (NAB) has withdrawn its bid for ABN Amro Australia.
The banking group announced its decision to end discussions with the wealth manager in a statement to the market late yesterday.
"National Australia Bank Limited previously announced that it was participating in a process being conducted by the Royal Bank of Scotland (RBS) to acquire ABN Amro Australia Holdings Pty Ltd. NAB has now withdrawn from that sale process," the statement said.
The exact details as to why NAB has withdrawn its bid remain unclear.
"Having decided not to progress, there's not really any further information that we need to give the market to keep it properly informed," a NAB spokesperson told InvestorDaily.
"We won't be proceeding in that area."
NAB announced earlier this month that it was interested in buying ABN Amro's local operation from its owner RBS.
