Mortgage News
Australians look to float Clydesdale and Yorkshire banks
The National Australia Bank (NAB), owner of Clydesdale and Yorkshire banks has said it is considering selling its UK businesses.
The bank said it was looking at a broad range of options for its low performing assets, including UK banking operations, which could involve a flotation.
Andrew Thorburn, chief executive of NAB, told Reuters: “In relation to exiting UK banking this means we are now examining a broader range of options including those provided by public markets.
“We have an intention to exit the UK, we think there’s an opportunity now that probably wasn’t there before. What we are signalling is that’s our intent, it is an absolute priority.”
As a consequence of Clydesdale and Yorkshire’s involvement in payment protection insurance and interest rate swap mis-selling, NAB warned that its profits would be lower than expected.
The Australians revealed a £420m provision for PPI and £250m for interest-rate swap mis-selling for Clydesdale and Yorkshire in the financial year.
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NAB paid £420m for the Clydesdale Bank in 1987 and £900m for the Yorkshire Bank in 1990.