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Clydesdale Bank LSE/ASE IPO

20/1/2016
IPO
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£ 1.5 billion

$ 1.831 billion

Completed

20/1/2016

Overview:

  • Clydesdale Bank is being spun out of National Australia Bank (NAB) via an IPO on the LSE and Australian stock exchanges.
  • Clydesdale Bank also contains Yorkshire Bank.
  • JPMorgan, Morgan Stanley, Macquarie Capital and Bank of America Merrill Lynch are acting as underwriters.
  • NAB shareholders will hold most of the stock but 25% is being sold to institutional investors.
  • The move is part of NAB's strategy to exit the UK retail banking market.

Sam Duke - Editor

Jurisdictions:

Australia
United Kingdom

Deal type:

IPO

Practice area:

Capital markets : Equity

Industry sector:

Banking

Firms:
Allen & Overy

Party: CYBG (Management)

Lawyer: James Roe

Clifford Chance

Party: National Australia Bank - NAB (Issuer)

Party: CYBG (Issuer)

Lawyers: Adrian Cartwright, David Pudge, Gareth Camp

King & Wood Mallesons

Party: National Australia Bank - NAB (Issuer)

Lawyers: Diana Nicholson, Peter Stirling

Linklaters

Party: JPMorgan Chase (Underwriter)

Party: Morgan Stanley (Underwriter)

Party: Macquarie Capital (Underwriter)

Party: Bank of America Merrill Lynch (Underwriter)

Lawyer: James Wootton

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