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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Australia Bank Limited | ASX:NAB | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.44% | 34.50 | 34.36 | 34.46 | 34.52 | 34.11 | 34.40 | 5,301,908 | 09:50:00 |
By Robb M. Stewart
MELBOURNE, Australia--National Australia Bank Ltd. (NAB.AU) said it expects to raise as much as US$495 million selling down its controlling stake in regional U.S. lender Great Western Bancorp Inc. (GWB).
NAB will offer 20 million shares in Great Western at US$21.50 each, the Australian bank said Friday. The underwriters of the offer will have a 30-day option to buy an additional 3 million shares.
In all, the offer accounts for 39.7% of Great Western's shares and if successfully sold would reduce NAB's stake to 28.5%.
The Melbourne-based bank, which plans a full exit from its U.S. business in time as it refocuses on its core franchises in Australia and New Zealand, sold a 31.8% interest in Great Western last year at US$18 a share. The initial public offering raised US$331 million.
A full sale of Great Western Bank is expected to bolster NAB's capital reserves, lifting its common equity tier-1 ratio by about 30 basis points, the bank said. Most of that benefit would come when NAB fully disposes or loses control of the U.S. bank. NAB said that it will continue to appoint a majority of Great Western's board members for up to 12 months following the share offer, and will continue to consolidate the business for accounting purposes.
Bank of America Merrill Lynch, Deutsche Bank Securities and J.P. Morgan Securities LLC are joint book-running managers and underwriters for the secondary offering.
Write to Robb M. Stewart at robb.stewart@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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