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Yorkshire and Clydesdale Banks set for £2bn float

National Australia Bank is preparing a £2bn stockmarket float of its UK business, Yorkshire and Clydesdale Banks, according to reports.

The Telegraph reports the Australian lender has appointed Morgan Stanley to lead a listing of the banks, and is expected to hire a handful of other banks to assist with the flotation in the coming weeks.

NAB recently said that pulling out of the UK was “an absolute priority” and it was studying a “range of options” for the division.

Yorkshire and Clydesdale, which have 2.7m customers and 330 branches, have taken large hits on payment protection insurance and interest rate swap misselling, setting aside £1.2bn in compensation.

It is thought the banks could be valued at as much as £2.4bn – more than twice what NAB paid for the businesses.

In April 2012, NAB announced it would be cutting 1,400 jobs in the UK by 2015.

Yorkshire and Clydesdale declined to comment.

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