National Australia Bank (NAB) is on the verge of finally getting rid of troubled British lender Clydesdale Bank after confirming a February float that could value the business at between £1.5 billion and £2 billion.
This deal see the shares sold at a discount to the £2.7 billion the Australians say that the assets are worth, if the shares are sold at between 175p and 235p as hoped.
If the bank starts changing hands at the top of the pricing range Clydesdale will be bought for 14% less than the assets are worth - or 14% below book value.
Conditional trading is scheduled to start in London on 2 February, a day before they start trading in Australia.
A quarter of the business, which includes Yorkshire Bank, is to be sold through the initial public offering with the remainder held by NAB?s shareholders.
NAB has tried to find a trade buyer for several years and selling the business has been a priority for chief executive Andrew Thorburn.
The Australian?s have had to pump cash into the business following the financial crisis and was told by the UK regulator to provide an additional £1.7 billion to pay for potential product mis-selling claims.
