NAB to sell re­main­ing Great Western Ban­corp hold­ings

Townsville Bulletin - - NEWS -

NA­TIONAL Aus­tralia Bank is aim­ing to raise $ US385 mil­lion ($ A530 mil­lion) when it sells its fi­nal stake in its for­mer US sub­sidiary Great Western Ban­corp through a public of­fer­ing.

The bank, which is re­fo­cus­ing on its core Aus­tralian and New Zealand oper­a­tions, will sell 12.7 mil­lion shares as part of the of­fer­ing, while Great Western has agreed to re­pur­chase about $ US60 mil­lion of NAB’s hold­ing.

NAB also has given the un­der­writ­ers the op­tion to pur­chase 1.3 mil­lion shares at a price of $ US23.50.

If the of­fer is taken up in full, the bank says it will have fully di­vested its 28.5 per cent stake in the re­gional US len­der.

NAB’s shares yesterday

The bank

will sell 12.7 mil­lion shares as part of the

of­fer­ing

fin­ished down five cents, or 0.15 per cent, at $ 33.86.

It is part of chief ex­ec­u­tive An­drew Thor­burn’s plan to cast off NAB’s un­der­per­form­ing in­ter­na­tional busi­nesses.

The bank said a de­merger and ini­tial public of­fer­ing of its trou­bled Cly­des­dale sub­sidiary in the UK “re­mains a pri­or­ity”.

It plans to spin off the busi­ness by the end of 2015.

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