CYBG parent company National Australia Bank (NAB) is planning to demerge and float the UK banking business next month with a discounted IPO of between 175p and 235p per share. NAB has owned the Scottish bank since 1987. The demerger will see 75 per cent of CYBG offloaded to NAB shareholders, while the remaining 25 per cent will be sold on the London stock exchange. Trade of CYBG shares is slated to commence on 2 February, while Australia-listed depository receipts will trade the following day.
Advisers appointed
Four law firms have been appointed to advise on the IPO. Clifford Chance equity capital partner Adrian Cartwright and corporate partner David Pudge will lead advice for client NAB and CYBG, together with corporate partner Gareth Camp. Allen & Overy will act for the CYBG board, led by capital markets partner James Roe. Melbourne-based King & Wood Mallesons partners Diana Nicholson and Peter Stirling will advise NAB on Australian issues, while a team from Linklaters will advise the deal's three underwriting banks, JPMorgan, Morgan Stanley and Bank of America Merrill Lynch. Source: Legal Business
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