Clydesdale Bank´s flotation delayed by 24 hours

National Australia Bank delayed the flotation of its UK subsidiary Clydesdale Bank on the London Stock Exchange by 24 hours following a "specific request" from an unnamed ratings agency.

The Australian lender acquired Glasgow-based Clydesdale in 1987.

Shares in the UK unit, which is to be listed under the name CYBG, are now expected to begin conditional trading on the LSE on Wednesday.

The aforementioned ratings agency said it wanted financial information pertaining to CYBG´s deposit rating.

NAB chief David Duffy said: "I am delighted that NAB has today confirmed the demerger and that the IPO is expected to proceed.

"Whilst we have a very short delay in launching the IPO it is very important that we commence trading as an independent company in the best possible way.

"We have made excellent progress with the transaction and we have very strong interest in our story."

In a statement issued on Tuesday morning, NAB said there was healthy demand for the stock at 180p per sharem, which was towards the lower end of the proposed price range of between 175p to 235p.

Three-quarters of CYBG shares were being distributed to its shareholders with institutional investors expected to take the rest.

Shares in CYBG were to become fully tradable from 8 February.