NIB's Australian parent denies any immediate plans to sell

National Australia Bank has confirmed that there will be no immediate sale of its Irish subsidiaries National Irish Bank and Northern Bank.

In its annual report, NAB has said that several expressions of interest in the businesses have been received and it considers it to be line with the best interest of shareholders to explore this option.

According to the bank, an investment bank has been commissioned to issue an information memorandum and test the market.

National Australia Bank has reported a 15% fall in cash earnings to AUS$3.46bn for the year to the end of September.

Chief executive John Stewart described it as a "poor result and unacceptable for the bank and its shareholders".