CLYDESDALE Bank's Australian owner has announced that it is targeting a flotation of its UK operations by the end of this year.
National Australia Bank laid out its intentions as it said that first-half pre-tax cash earnings in its UK business, which takes in Glasgow-based Clydesdale and its sister Yorkshire Bank, were up by about one-third to £118 million.
NAB revealed its "intention to pursue a demerger and initial public offering of the holding company of Clydesdale Bank (National Australia Group Europe Ltd) and its subsidiaries, referred to�as Listco".
It said: "We believe the foundations of a strong standalone future have been laid in the progress made restructuring and refocusing our business and this is clear in our half-year results."
NAB added: "Discussions with regulators and other key stakeholders, whilst significant to date, remain ongoing. There is no certainty that a transaction will occur. Any transaction is subject to approval by regulators, the boards of NAB and Listco and NAB shareholders. Completion is targeted for the end of calendar year 2015."
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