National Bank of Australia confirms Clydesdale IPO plans

National Bank of Australia confirmed on Friday that the Clydesdale and Yorkshire Bank will float on the stock market in February next year.

NAB said the proposed demerger and initial public offering remain subject to a range of matters, including various court and regulatory approvals and shareholder approval.

Between 20% and 30% of the shares in the new bank will be sold to new investors and the rest will be given to existing NAB shareholders.

Further details about the plans are expected to be released early next month.

The Clydesdale Bank was founded in Glasgow in 1838 and has been owned by National Bank of Australia since 1987, having previously been owned by Midland Bank, while Yorkshire Bank was set up in 1859.