National Australia Bank has valued its Clydesdale subsidiary at between £1.54bn and £2.07bn, according to an IPO document.
NAB today set share prices for CYBG, Clydesdale’s holding company, at between 175p and 235p.
The bank wants to sell 25 per cent of CYBG to investors in an IPO on the London Stock Exchange from 2 February, while selling the rest to NAB shareholders.
However, NAB says it is still deciding whether to float less of CYBG and keep some shares or else pull the IPO altogether.
NAB bought Clydesdale in 1987.