The NAB’s new CEO Andrew Thorburn continues to put his stamp on the bank announcing the beginnning of a process that will see it sell off its US subsidiary Great Western Bank.
The first step in the process is and initial offering of shares in Great Western via a public offering (IPO) in Q4 2014.
Based on the NAB’s press release it seems it is going to listen to the market with regard to the size of the stake it will sell with the bank saying that “relevant dates, pricing and volume information, and the related NAB Group financial impacts to be available around the time of launch”.
Thorburn said the sale is about the NAB focussing on core operations in Australia and New Zealand (where it owns the Bank of New Zealand brand).
“As we continue to strengthen our core Australian and New Zealand franchises we’ve made the decision that now is the right time for a staged sale of Great Western Bank”, Thorburn said.
NAB has appointed Deutsche bank and BoA Merrill Lynch as joint lead managers and underwriters of the deal.
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