Clydesdale and Yorkshire banks are set for sale on the stock market
CLYDESDALE and Yorkshire banks are being lined up for a sale or stock market listing as their Australian owner seeks to focus on its business Down Under.
National Australia Bank (NAB) said it was examining a broad range of options including flotation for the two banks which have 300 branches and 7,100 staff.
Group chief executive Andrew Thorburn said: “We intend to exit the UK. There’s an opportunity now that probably wasn’t there before. It is an absolute priority.”
We intend to exit the UK. There’s an opportunity now that probably wasn’t there before. It is an absolute priority
Melbourne-based NAB has owned Glasgow-based Clydesdale since 1987 and Yorkshire since 1990 but wants to concentrate on its operations in Australia and New Zealand.
Group profits for the year to the end of September fell by 1 per cent to £2.9billion but it booked £823million of one-off charges, mainly against mis-selling of PPI insurance and interest rate hedging products in the UK.
Profits before tax in the UK nearly doubled to £203millon, helped by a reduction in bad debt charges to £80million.
Rivals Virgin Money and Aldermore recently delayed planned flotations because of market volatility.
