The IPO, which also includes Yorkshire Bank, launched this morning with a valuation of £1.58bn. Its planned flotation was delayed for 24 hours on Tuesday following a ‘specific request’ from a rating agency for financial information relating to how its deposit rating had been assessed.
Shares in Clydesdale and Yorkshire Bank are now trading on the London Stock Exchange and Australian Securities Exchange under the new name CYBG.
Last year, National Australia Bank announced its plans to sell off Clydesdale and Yorkshire Bank in a demerger, with 75% of the bank to be purchased by shareholders with the remaining amount acquired in a sale of shares through an IPO.
David Duffy, CEO, at CYBG said the flotation marked the group’s move towards becoming an independent banking group for the first time in almost a century.
“CYBG is in great shape to begin this exciting new chapter. With the IPO process successfully behind us, all of our energy will be dedicated to delivering industry leading service for our customers and improved and sustainable returns for our new and future shareholders from around the world,” he said.
Jim Pettigrew, chairman at the group said: “Today marks a very important milestone in our 177 year history as we begin life as an independent listed company. I welcome our new shareholders and thank them for the confidence they have shown in our business. We embark upon this exciting new chapter for CYBG with a strong customer focussed franchise, a large and loyal customer base and a first class management team determined to deliver on our strategy.”