National Australia Bank Limited
(ASX:NAB) is set to again lower its interest in its US agribusiness bank subsidiary, Great Western Bancorp (NYSE:GWB).
Great Western Bancorp has filed a registration statement in connection with a potential public secondary offering of its stock by NAB.
The potential offering is inline with NAB’s move to divest its stake and focus on its core Australian and New Zealand franchises.
NAB purchased the bank for about $1 billion in 2008, offloaded a 27.6 per cent stake last year but is yet to announce how much it will now sell in the latest round.
National Australia Bank reported a net profit of $5.29 billion in the year to the end of September 2014.
