THE former owner of Yorkshire Bank has completed its exit of its UK businesses after the final machinations of its IPO.
National Australia Bank had demerged its UK operations, CYBG, which also includes Clydesdale Bank, with the new business being floated on the London stock exhange.
Morgan Stanley has now given notice it is to exercise the £51m over-allotment option granted by National Australia Bank in respect of 28.7m shares at the offer price of 180p per share.
Following the exercise of the over-allotment option, National Australia Bank will no longer own any shares in CYBG. It completes the IPO, which had a total size of £395.7m, that represented 25.0% of the demerged group.
