CANBERRA: National Australia Bank has moved to sell down its remaining stake in its former US subsidiary Great Western Bancorp.
The bank has notified US regulators that it plans to carry out another offering of its holding in Great Western, which was floated late last year.
NAB currently holds 28.5 per cent of the regional lender, having sold down the rest of its holding in the float and at a previous offering in May.
It has publicly announced plans to sell down its entire stake and is expected to offload the remainder of its holding in the upcoming offer, though it has not confirmed how many shares will be sold or at what price.
The move is part of chief executive Andrew Thorburn’s efforts to cast off underperforming international businesses to focus on NAB’s core Australian and New Zealand operations.
NAB has also announced plans to spin off and float its UK subsidiary, Clydesdale Bank, which has been a drag on its performance for years.
Mr Thorburn in May launched a $5.5 billion capital raising to shore up Clydesdale’s balance sheet ahead of the float as well as lift NAB’s own capital reserves.
