Clydesdale floats with £1.6bn market cap

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CYBG, formerly Clydesdale Bank, floated on the London Stock Exchange today with a market capitalisation of around £1.58bn.

The former arm of National Australia Bank priced its 219,828,814 ordinary shares at 180p.

CYBG chief executive David Duffy says: “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 and we are delighted to be listing on both the London Stock Exchange and the Australian Securities Exchange.”

CYBG chairman Jim Pettigrew says: “Today marks a very important milestone in our 177-year history as we begin life as an independent listed company. I welcome our new shareholders and thank them for the confidence they have shown in our business.”

The bank was due to float yesterday but delayed its planned IPO for 24 hours due to a potential deposit rating downgrade by one of the rating agencies.

CYBG completed its demerger from National Australia Bank yesterday.