National Australia Bank Limited
(ASX:NAB) has tied up the sale of its shareholding in US agribusiness bank subsidiary, Great Western Bancorp (NYSE:GWB).
The bank expects to receive net proceeds of about $1.46 billion from the sale, representing a $396 million loss relative to Great Western Bancorp’s book value.
CEO Andrew Thorburn believes the exit will enable NAB to continue to refocus on building a stronger core Australian and New Zealand business.
Mr Thorburn says having this focus will allow NAB to invest in its priority segments to deliver a better experience for customers and improved returns to shareholders.
National Australia Bank reported a net profit of $3.46 billion in the six months to the end of March 2015.
