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NAB planning 2 bln stg float of UK operations -report
April 11, 2010 / 4:13 PM / 8 years ago

NAB planning 2 bln stg float of UK operations -report

LONDON, April 11 (Reuters) - National Australia Bank (NAB.AX) is working on plans for a 2 billion pounds ($3 billion) flotation of its UK operations, according to a report in the Sunday Times.

The newspaper said advisers from Morgan Stanley and Goldman Sachs have been drawing up plans for a possible listing as part of a broad review of the future of NAB’s Clydesdale and Yorkshire banks.

It added that the plan would be put into action if NAB fails to acquire a network of 318 branches being sold by Royal Bank of Scotland.

NAB has over 300 branches in the UK and is looking to expand its presence. (Reporting by Matt Scuffham; Editing by Mike Nesbit) ($1=.6539 Pound)

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