National Australia Bank is reportedly seeking to sell its Yorkshire and Clydesdale banks to enhance focus on its core businesses in Australia and New Zealand.
Andrew Thorburn, the bank’s new chief executive told The Yorkshire Post that he will unveil options for the banks, which will include an initial public offering.
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NAB has already revealed plans to sell the group’s US subsidiary Great Western Bank through an IPO.
The IPO boost the potential for the bank in the UK with significant operations in Yorkshire and Scotland.
As part of a restructuring plan in UK, the bank has cut of 400 jobs, and set aside £5.6bn worth of troublesome commercial real estate loans.
It has also invested in new technology platforms and a marketing campaign for its UK operations and boosted senior management team in UK as well as initiated new corporate governance guidelines.
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By GlobalDataThe publication reported that Yorkshire and Clydesdale banks had an estimated book value of around £2.41bn at the start of 2014.
David Thorburn, the UK CEO of Clydesdale and Yorkshire Banks said the company was making very real progress in building a better bank for customers.
