National Australia Bank ( NAB ) shares rose 5.7 % after the bank priced shares of its Clydesdale Bank at 180p , thereby valuing it at £ 1.58bn , which was at the low end of estimates . The bank is hoping now to raise up to £ ##500 m in gross proceeds from the IPO of its Clydesdale and Yorkshire Bank businesses . The IPO is a milestone in NAB 's efforts to exit struggling overseas businesses in order to focus more on its core Australian and New Zealand businesses .
National Australia Bank (NAB) shares fell 5.7% after the bank priced shares of its Clydesdale Bank at 180p, thereby valuing it at £1.58bn, which was at the low end of estimates. The bank is hoping now to make up to £396m in gross proceeds from the IPO of its Clydesdale and Yorkshire Bank businesses. The IPO is a milestone in NAB's efforts to exit struggling overseas businesses in order to focus more on its core Australian and New Zealand franchises.