Dark horse father and son in race for National Bank

By PAM GRAHAM

A father-and-son business team made headlines around the world yesterday with a press statement saying a New Zealand consortium had been formed to bid for the National Bank of New Zealand.

Waikato entrepreneur Phil Verry said he and son Marty had an innovative idea for the bank. But they are not saying what it is, or if anyone else is in their Black Horse Holdings Consortium.

Deutsche Bank is handling the National Bank sale, which has been running for months and is believed to be down to a shortlist of potential buyers. The bank, which has just reported a $400 million interim profit, is expected to fetch up to $7 billion for owner Lloyds TSB.

"We're short of $7 billion right now if that is the figure," said Phil Verry yesterday.

He was seeking banks as partners and a letter had been written to Lloyds TSB suggesting a partnership. Deutsche Bank had no comment to make about the consortium.

Verry was enmeshed in wool industry politics when promoting an alternative system to wool auctions in 1999. His son established an electronic business company called iStart in 2000.