With its $1.56 billion bid for Michigan National Corp., National Australia Bank Ltd. moved to join the ranks of foreign banks with a strong, full-service foothold in U.S. retail and commercial markets.

The deal, announced over the weekend, is in keeping with an acquisition strategy that National Australia has carried out in Britain and Ireland, where it owns a network of medium-size regional banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.