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National Australia Bank Limited (ASX:NAB) has unveiled plans to offload its US subsidiary, Great Western Bank.
NAB intends to sell a minority stake in Great Western Bank through an initial public offering of shares in America.
NAB plans to sell all of its ownership in the asset over time but says it is customary in the US to sell a minority stake first.
The IPO is expected to launch in the fourth quarter of this year and more information will be released around the time of the launch.
CEO Andrew Thorburn says the plans are consistent with the bank's strategy to focus on its core franchises in Australia and New Zealand.
The completion of the IPO remains subject to a range of conditions.
National Australia Bank reported a net profit of $2.85 billion in six months to the end of March 2014.
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Last
$43.42 |
Change
-0.670(1.52%) |
Mkt cap ! $132.9B | |||
| Open | High | Low | Value | Volume |
| $43.93 | $43.99 | $43.35 | $187.8M | 4.317M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 289 | $43.41 |
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| Price($) | Vol. | No. |
|---|---|---|
| $43.43 | 580 | 1 |
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| NAB (ASX) Chart |