SYDNEY: National Australia Bank Ltd (NAB) set an initial public offering (IPO) price range for its CYBG Plc unit that values its UK division at as much as £2.07billion pounds (US$2.95bil) and advances its plan to exit the market.
The shares would be offered at 175 pence to 235 pence each, giving the division a value of at least £1.54bil, the Melbourne-based lender said in a statement to the stock exchange. The IPO will conclude NAB’s exit from the UK and follow the sale of 75% of the unit to shareholders.
