An Australian financial firm has acquired Great Western National Bancorp., which operates nine branches in the state, officials announced Thursday.

Great Western will become the flagship for National Australia Bank's U.S. retail banking operations. Financial details of the deal were not released.

Great Western Bancorp. Inc. will maintain its Des Moines, Iowa, headquarters and its management team.

Great Western Regional President John Hendren said the acquisition shouldn't affect day-to-day service for Arizona customers. He said there are no plans for closures, layoffs or consolidation, only growth and an expansion of the bank's product portfolio - particularly in agriculture and small business lending.

National Australia Bank CEO of the Americas Region, Commercial and Personal Business Ciaran McMullan said the deal allows the firm to introduce specialized agribusiness service to the U.S.

"Our agreement today is the springboard for NAB and Great Western Bank to launch a proven and successful agribusiness relationship banking model into the Western U.S. We have significant experience in serving our clients in a large agricultural and commodities-based economy, which is very similar in nature to the Midwest of the United States."

Great Western controls $3.4 billion in assets and operates more than 100 branches in Nebraska, Iowa, South Dakota, Missouri, Kansas and Arizona.

NAB has operations in Australia, New Zealand, the United Kingdom, Asia and the U.S through its retail bank brands, business and private banking, and wealth management services.

NAB operates a global business, nabCapital, which focuses on debt, risk management and investment products for corporate and institutional customers. The company's retail bank brands include National Australia Bank, Bank of New Zealand, Yorkshire Bank and Clydesdale Bank.

As of Sept. 30, 2006, the holding company reported $97 billion in assets under management and administration and $474 billion in funds under custody and investment administration.

NAB's stock is publicly traded on the Australian Securities Exchange. The deal is subject to U.S. and Australian regulatory approvals.

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