National Australia Bank shareholders vote for UK spin-off

National Australia Bank shareholders vote for UK spin-off

Shareholders for the National Australia Bank have voted “overwhelmingly” in favour of the demerger of the UK-based Clydesdale and Yorkshire Bank operations.

Nearly 98 per cent of investors voted to float Clydesdale and Yorkshire Bank, according to a letter sent today (27 January) from group company secretary Louise Thomson.

Three-quarters of the shares will be divided between securityholders, and the remaining 25 per cent of Clydesdale and Yorkshire Bank will be sold by NAB to institutional investors.

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The demerger and share float will go ahead on 8 February.

According to a letter to shareholders sent in December, NAB said the UK exit would help it focus on its core markets in Australia and New Zealand.

The NAB directors said the demerger is likely to enhance value for shareholders over the long term.

The spin-off was initially announced in May, and NAB confirmed its plan in November.