By Robb M. Stewart
MELBOURNE, Australia--National Australia Bank Ltd. (NAB.AU) said
Tuesday an exit from its U.K. banking operations before the end of
the year remains a priority.
The Australian lender reiterated its intention to spin off
between 70% and 80% of its Clydesdale division to existing NAB
shareholders and sell the remaining 20%-30% via an initial public
offering.
An independent Clydesdale would rank as one of the largest of
the U.K.'s mid-size banks, with about GBP28 billion ($44 billion)
in customer loans and GBP25 billion in deposits, NAB said.
In an effort to narrow a return-on-equity gap with its main
rivals, NAB has been withdrawing from international operations to
focus on core franchises in Australia and New Zealand, including a
withdrawal from the U.S. with the staged sale of regional lender
Great Western Bancorp Inc. (GWB).
Write to Robb M. Stewart at robb.stewart@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires