National Australia Bank has announced the pricing range for the planned stock market flotation of Clydesdale Bank, which is expected to value the Glasgow-based company at up to around £2 billion.
The Australian group has set the price range for shares in Clydesdale Bank at between 175p and 235p per share. It said this would equate to a market capitalisation of £1.54bn to £2.07bn.
The flotation is expected to go ahead next month in spite of recent stock market volatility.
The group expects to sell 25 per cent of the shares in Clydesdale to institutions, with trading to commence on the London Stock Exchange on 2 February. The remaining 75 per cent will go to NAB shareholders.
The demerger of Clydesdale will allow NAB to focus on Australia.
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