CANBERRA: National Australia Bank Ltd. will offer 20 million shares in its former subsidiary Great Western Bancorp Inc. at a price of $495 million, the company said.
Selling down its controlling stake in the U.S. lender at $21.50 a share will continue the NAB’s push to exit the U.S. market and focus on its core franchises in Australia and New Zealand. Last August, the company announced its intentions to sell Great Western through a public float on the New York Stock Exchange.
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