Australian court gives go-ahead to demerger of Yorkshire Bank
The go-ahead follows overwhelming shareholder endorsement of the proposal at a National Australia Bank meeting last week.
Andrew Thorburn, chief executive, said: “The court’s approval today is the final significant step in the separation of NAB and CYBG into two independent corporate groups.
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Hide Ad“The demerger allows each business to focus on improving performance in their home markets and on business priorities that will maximise value for their respective shareholders.
“Both companies can now look ahead to the future. NAB is now in a position to focus all its resources, attention and leadership on the markets most important for us – Australia and New Zealand.
NAB will lodge the orders of the Supreme Court of Victoria with the Australian Securities and Investments Commission tomorrow with the demerger scheme to
become effective on that date and to be implemented next Monday.
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Hide AdThe outcome of the proposed Initial Public Offering to institutional investors of CYBG is expected to be announced tomorrow.
Clydesdale and Yorkshire will have a valuation of between £1.54bn and £2.07bn.