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NAB to offload more of its US agribank business

NAB to offload more of its US agribank business

(23 April 2015 – Australia)  National Australia Bank (NAB) is expected to sell off more of its holding in United States-based agribusiness bank, Great Western Bancorp.

NAB bought the bank for about A$1 billion in 2008, and sold a 27.6 percent stake in October 2014 for US$288 million.

In a statement released by Great Western Bancorp on 22 April, there may be a further potential offering, but it was not decided yet how many shares would be offloaded.

"The potential offering is consistent with NAB's statement from August 2014 that it intends to divest itself of its holdings in GWB, as market conditions allow, consistent with its strategy of focusing on its core Australian and New Zealand franchises," the statement said.

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