National Australia Bank (NAB) has formally announced plans to proceed with the flotation of its loss-making UK banking operations Clydesdale and Yorkshire banks.
Clydesdale and Yorkshire, acquired by NAB in 1987 and 1990 respectively, have been adversely affecting NAB’s profitability for years.
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The Australian banking group said that it would demerge 75% of the UK subsidiary to shareholders and float the remaining 25% per cent in London in February 2016.
"The proposed demerger and IPO remain subject to a range of matters, including various court and regulatory approvals and NAB shareholder approval," the Australian lender said in a statement.
The latest move forms part of NAB’s strategy to focus on more profitable core businesses. Under this strategy, the bank has earlier floated its regional US unit, Great Western Bancorp.
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