CompaniesFeb 3 2016

Clydesdale prices shares at £1.80

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Clydesdale prices shares at £1.80

Clydesdale has priced its initial public offering at £1.80 per share after its share trading was delayed by 24 hours.

A statement published on the London Stock Exchange today (3 February) revealed CYBG would be valued at about £1.58bn following the demerger from its parent company National Australia Bank.

Last month, NAB valued the Clydesdale Bank and Yorkshire Bank at between £1.5bn and £2bn ahead of its flotation.

Yesterday (2 February), the planned date for the IPO was pushed back by a day after one of the rating agencies said the bank had failed to provide enough financial information to assess its deposit rating.

The demerger is expected to take place on the 8 February.

With the IPO process successfully behind us, all of our energy will be dedicated to delivering industry leading service for our customers. David Duffy

David Duffy, chief executive of CYBG, said: “This is truly a landmark day for CYBG as we move towards becoming an independent banking group for the first time in almost a century.

He said the company is delighted to be listing on both the London Stock Exchange and the Australian Securities Exchange.

Mr Duffy said: “CYBG is in great shape to begin this exciting new chapter.

“With the IPO process successfully behind us, all of our energy will be dedicated to delivering industry leading service for our customers and improved and sustainable returns for our new and future shareholders from around the world.”

katherine.denham@ft.com