(9 July 2015 – Australia) National Australia Bank (NAB) has once again highlighted its plans to sell its troubled United Kingdom subsidiary by the end of the year.
The bank said on 7 July that a demerger and an initial public offering of Clydesdale by the end of 2015 “remains a priority”.
Clydesdale has unfortunately dragged on NAB’s profits for a number of years, however earlier this year it reported a 53 percent increase in its first half pre-tax profit.
Recently UK creditors required NAB to inject another STG1.7 billion (A$3.54 billion) into the business to shore up its balance sheet.
This injection is aimed at protecting the bank against potential losses linked to past problems before it can go ahead with the demerger.