Newspaper article International New York Times

British Bank Could Be Valued at $3 Billion in I.P.O

Newspaper article International New York Times

British Bank Could Be Valued at $3 Billion in I.P.O

Article excerpt

National Australia Bank plans to spin off its British unit next month, selling as much as 25 percent of Clydesdale's shares in an I.P.O. in London.

National Australia Bank said on Monday that its British unit, Clydesdale Bank, could be valued as high as 2.07 billion pounds, or about $3 billion, in an initial public offering next month as part of a spinoff.

In a news release, National Australia Bank said that it expected to price Clydesdale's stock at 175 pence to 235 pence a share in an offering of up to about 219.8 million shares.

Clydesdale was expected to list up to 25 percent of its shares in the offering, with the remainder being distributed to National Australia Bank shareholders as part of the spinoff.

The company operates under the Clydesdale Bank and Yorkshire Bank brands in Britain and is one of Britain's largest midsize banks. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.