NAB Formally Decides to Spin Off UK Business
27 November 2015 - 9:20AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--National Australia Bank Ltd. (NAB.AU) will
release detailed information on its planned exit from its U.K.
banking business early next month after formally deciding to push
ahead with plans to spin off and list the CYBG PLC unit.
A scheme booklet, including the impact of the exit on the
Australian bank and its U.K. business, is expected to be released
in the week beginning Dec. 7, NAB said Friday.
The demerger remains subject to certain conditions, including
various regulatory and shareholder approvals.
NAB has said it will seek to spin off about 75% of CYBG to
shareholders and sell the rest to institutional investors through
an initial public offering planned for February. The business,
which houses the Clydesdale and Yorkshire Bank operations, will
have a primary listing on the London Stock Exchange.
The move is part of the lender's efforts to focus on more
profitable core operations. It has already floated its regional
U.S. bank, Great Western Bancorp Inc. (GWB).
Write to Robb M. Stewart at robb.stewart@wsj.com
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(END) Dow Jones Newswires
November 26, 2015 17:05 ET (22:05 GMT)
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