YORKSHIRE Bank owner National Australia Bank today revealed it is to raise £1bn to strengthen its balance sheet as it said its UK banking operations continued to experience a difficult market.

The group, which owns Yorkshire and Clydesdale banks in the UK, said that the fully underwritten equity capital fundraising of 2bn Australian dollars (£1bn) would increase its ratio of equity capital to assets from 8.2% to 8.8% and help "maintain a strong capital position through the economic cycle".

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