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Clydesdale Set To Split From Oz Parent Bank

(c) Sky News 2015

Clydesdale Bank is set to be hived off from its Australian parent company and then floated on the stock market.

The split of the Glasgow-based high street lender from National Australia Bank (NAB) is planned to go through by the end of the year.

Up to 30% of Clydesdale, which includes Yorkshire Bank, will be sold off to institutional investors.

The rest will be held by existing NAB shareholders.

In a half year results statement, NAB said: "Following a period of successful restructuring, the UK Banking business is now in a position to be demerged to shareholders and listed as a standalone retail and business bank."

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NAB said last autumn the Clydesdale demerger was an ''absolute priority'' after it reported a dip in full-year profits, which was blamed on its UK banking business.

However, it acknowledged there was "no certainty" the move would go ahead, remaining subject to approval by shareholders and regulatory authorities in both the UK and Australia.

"Additionally, the demerger and IPO will be a substantial and complex undertaking subject to a range of risks and issues," it said.

UK regulators have demanded NAB earmarks up to £1.7bn to cover potential losses from mis-selling and other conduct issues.

Only last month Clydesdale Bank was fined a record £20.7m after it was found that thousands of PPI complaints may have been rejected unfairly.

NAB chief executive Andrew Thorburn said: "In relation to exiting our UK banking business, we have been examining a broad range of options including those provided by public markets.

"It is a priority to exit this business, and we are today announcing our intention to pursue a demerger and IPO of the UK banking business."

Debbie Crosbie, Clydesdale's acting chief executive, said: "Today's announcement marks the beginning of an exciting new opportunity for Clydesdale and Yorkshire Banks.

"Our performance is improving and we're providing real customer choice in the UK which is driving encouraging growth across our target retail and SME markets."