Powered by MOMENTUM MEDIA
subscribe to our newsletter

NAB plans UK subsidiary sale

National Australia Bank has announced it is investigating a demerger and initial public offering of Clydesdale Bank.

The big bank’s move to split from its UK subsidiary comes as NAB seeks to reprioritise its focus on building a stronger Australian and New Zealand business.

Material work on the potential demerger and IPO (by way of institutional offer) of Clydesdale is underway, with NAB prioritising for its exit to be completed by the end of 2015.

“The transaction is a substantial and complex undertaking, subject to a range of risks and issues including shareholder vote, regulatory approvals and board approvals,” NAB noted in an ASX update.

“Should the separation occur, Clydesdale will be one of the leading mid-sized retail and SME banks in the UK, with long established franchises in core regional and select national markets, a strongly capitalised balance sheet and an experienced new leadership team in place to deliver on the business’s clear strategic priorities of driving growth and returns.”

Advertisement
Advertisement

PROMOTED CONTENT


As part of the announcement, NAB announced the appointment of David Duffy as the new CEO of Clydesdale.

“Shareholders will be provided with further information at the appropriate time, should a decision be made to pursue the demerger,” NAB concluded.

NAB plans UK subsidiary sale
mortgagebusiness

Latest News

The government has been told to develop a complaints process for businesses that have been dumped by their banks, following accusations of a...

An Australian fintech has introduced a new self-service VOI product for the mortgages market. ...

With low interest rates and income support expected to soon disappear, the major bank has released a revised dwelling figure. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think APRA's bank buffer changes will see more borrowers use non-banks?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.