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 new standalone bank expects to have an overall rating at investment grade, which is important for its ability to raise funds on the money markets. Shares were down by more than 5% on Monday morning following a report that RBS had been considering selling off its stake in RBS, but they recovered slightly later in the day.
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. Shares were down by more than 5% on Monday morning following a report that RBS had been considering selling off its stake in RBS, but they recovered slightly later in the day.