National Australia Bank Limited
(ASX:NAB) has priced the secondary offering of common shares of its US agribusiness bank subsidiary, Great Western Bancorp (NYSE:GWB).
The bank will be offloading 20 million shares, or 34.6 per cent, of Great Western's outstanding shares for $US21.50 per share.
The transaction will lower NAB’s stake in Great Western to 33.7 per cent and is expected to realise gross proceeds of $US430 million.
NAB has also granted the underwriters an option to buy an extra 3 million shares which could reduce NAB’s interest to 28.5 per cent.
CEO Andrew Thorburn says the sell down further progresses NAB’s strategy of focussing on its Australia and New Zealand franchise.
National Australia Bank reported a net profit of $5.29 billion in the year to the end of September 2014.
