National Australia Bank (NAB) is planning to raise $385m by offloading its final stake in its former US subsidiary Great Western Bancorp (GWB) through a public offering.

The move, which is part of NAB’s global divestment strategy to focus on core operations in Australia and New Zealand, will see the bank sell 12.7 million GWB shares.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Great Western has also agreed to repurchase nearly $60m worth of NAB’s holding.

At the same time, NAB has granted a 30-day option to underwriters to buy up to an additional 1.3 million GWB shares at a price of $23.50.

Following closing of the offering and the share repurchase deal, and if the underwriters do not exercise the additional share purchase option, NAB’s stake in GWB common stock would be diluted from 28.5% to 2.2%.

If the option is exercised in full, NAB will have fully divested its 28.5% stake in the South Dakota-based lender.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The offering and the share repurchase deal, subject to closing conditions, is scheduled to close on 31 July 2015.