LONDON: Australia–National Australia Bank Ltd. (NAB.AU) will release detailed information on its planned exit from its U.K. banking business early next month after formally deciding to push ahead with plans to spin off and list the CYBG PLC unit.
A scheme booklet, including the impact of the exit on the Australian bank and its U.K. business, is expected to be released in the week beginning Dec. 7, NAB said Friday.
The demerger remains subject to certain conditions, including various regulatory and shareholder approvals.
NAB has said it will seek to spin off about 75% of CYBG to shareholders and sell the rest to institutional investors through an initial public offering planned for February. The business, which houses the Clydesdale and Yorkshire Bank operations, will have a primary listing on the London Stock Exchange.
The move is part of the lender’s efforts to focus on more profitable core operations. It has already floated its regional U.S. bank, Great Western Bancorp Inc.
