BANKS AND BANKING – GREAT BRITAIN

Sell-off is prime time for buying

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Original article by Jessica Sier, Vanessa Desloires
The Australian Financial Review – Page: 29 : 29-Jun-16

Shares in British and Irish banks have fallen sharply in the wake of the "Brexit" referendum, but Platinum Asset Management’s Clay Smolinski says this has created a buying opportunity for investors. Meanwhile, Aurora Funds Management’s Hugh Dive says the fallout from the UK’s vote to leave the European Union should have little impact on the Australian sharemarket and the nation’s four major banks. He notes that the local banks have less reliance on wholesale funding from Europe than during the global financial crisis.

CORPORATES
PLATINUM ASSET MANAGEMENT LIMITED – ASX PTM, AURORA FUNDS MANAGEMENT LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BANK OF IRELAND PLC, BARCLAYS BANK PLC, ROYAL BANK OF SCOTLAND GROUP PLC, EUROPEAN CENTRAL BANK, MOODY’S INVESTORS SERVICE INCORPORATED

NAB forced to delay Clydesdale float after ratings inquiry

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 3-Feb-16

Shares in National Australia Bank spin-off Clydesdale Bank were slated to list on the London Stock Exchange on 2 February 2016. However, NAB has postponed the float by 24 hours after an unnamed ratings agency sought information on Clydesdale’s deposit rating. The request could potentially result in Clydesdale’s credit rating being downgraded, although NAB has stressed that this would have no impact on the UK bank’s financial outlook or its cost of funding.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, MORGAN STANLEY AND COMPANY INCORPORATED, BANK OF AMERICA CORPORATION, MERRILL LYNCH AND COMPANY INCORPORATED, JP MORGAN AND COMPANY INCORPORATED, CLIME ASSET MANAGEMENT PTY LTD

NAB shareholders back Clydesdale spin-off

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Original article by Sally Rose, Clancy Yeates
The Australian Financial Review – Page: 15 & 18 : 28-Jan-16

National Australia Bank (NAB) will proceed with plans to demerge its Clydesdale Bank subsidiary in the UK, after 98 per cent of shareholders voted in favour of the deal. NAB shareholders will receive 75 per cent of Clydesdale’s shares, with the balance to be offered to institutional investors. However, the latter component of the transaction may be delayed if NAB fails to obtain a satisfactory price for the stock. NAB chairman Ken Henry says the bank’s dividend will not be affected by the sale of Clydesdale.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CLSA AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

NAB unveils pricing range for Clydesdale

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Original article by Clancy Yeates
The Australian Financial Review – Page: 17 : 19-Jan-16

National Australia Bank (NAB) expects to float its British lender Clydesdale Bank in early February 2016. Volatility on global share markets has forced the Australian-listed bank to lower its price expectations for the float. NAB’s Craig Drummond says the British bank will be offered to shareholders at between Stg1.75 and Stg2.35 a share which suggests a market capitalisation of between Stg1.54 billion and Stg2.07 billion ($A3.19 billion and $A4.29 billion).

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, LONDON STOCK EXCHANGE, CREDIT SUISSE (AUSTRALIA) LIMITED

NAB intensifies pitch for Clydesdale float

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Original article by Clancy Yeates
The Australian Financial Review – Page: 19 & 24 : 16-Sep-15

National Australia Bank (NAB) CFO Craig Drummond has not ruled out a trade sale for the UK’s Clydesdale Bank if a suitable offer is made, but he says a demerger and partial IPO remains the preferred option. NAB shareholders will be offered up to 80 per cent of shares in Clydesdale if the previously outlined plan proceeds. Clydesdale CEO David Duffy is confident that so-called "challenger banks" such as Clydesdale can compete with the major UK banks, particularly in sectors such as retail banking and retail and lending to small business.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, BANCO SABADELL, CREDIT SUISSE (AUSTRALIA) LIMITED, CBA EQUITIES LIMITED

Spanish ‘interest’ won’t derail NAB Clydesdale float

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Original article by James Chessell
The Australian Financial Review – Page: 16 : 11-Sep-15

There is speculation that Spain-based Sabadell may be a potential buyer of the UK’s Clydesdale Bank, which is being sold by National Australia Bank (NAB). The Spanish bank has previously paid Stg1.7bn for TSB Bank. NAB plans to offload Clydesdale via an IPO and the sale of shares directly to its own stockholders, and NAB sources say this has not changed. CEO Andrew Thorburn indicated in August 2015 that investors would be updated on the sale process in October.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, YORKSHIRE BANK PLC, BANCO SABADELL, TSB BANK LIMITED, LLOYDS BANKING GROUP PLC, THE GOLDMAN SACHS GROUP INCORPORATED

Barclays Bank firing up in Australia

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Original article by Aaron Patrick
The Australian Financial Review – Page: 27 : 5-Mar-15

UK-based Barclays Bank intends to significantly expand its presence in Australia’s investment banking industry. It will target sectors such as health and aged care, resources and agribusiness. Barclays boasts a market capitalisation of Stg43bn, and its assets totalled Stg1.3trn ($A2.5trn) at the end of 2013. It has just 100 employees in Australia, and a global workforce of more than 139,000

CORPORATES
BARCLAYS BANK PLC, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, RAMSAY HEALTH CARE LIMITED – ASX RHC, CREDIT AGRICOLE SA, PORT OF MELBOURNE, LEHMAN BROTHERS INCORPORATED, LONDON STOCK EXCHANGE, SOUTH32 LIMITED, BHP BILLITON LIMITED – ASX BHP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

NAB to step up UK asset sales

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Original article by Clancy Yeates, James Eyers
The Australian Financial Review – Page: 30 : 30-Oct-14

Some analysts believe that National Australia Bank (NAB) will divest the UK’s Clydesdale Bank via an IPO within six months. NAB is likely to reveal its sale options for the Clydesdale and Yorkshire Bank businesses when its 2013-14 financial results are released on 30 October 2014. NAB is tipped to post a full-year profit within the range of $A5.1bn to $A5.2bn, down from $A5.94bn previously

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, YORKSHIRE BANK PLC, GREAT WESTERN BANK, MLC LIMITED, GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY

NAB’s UK exit plan buoyed by TSB surge

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Original article by Richard Gluyas
The Australian – Page: 21 : 23-Jun-14

Lloyds Banking in the UK has successfully hived off its TSB business, which now has a market capitalisation of Stg1.3bn ($A2.35bn). The issue price per share was Stg2.60, but on the listing date of 20 June 2014 the stock closed at $A2.90. Lloyds also said that the initial public offering was 10 times oversubscribed. The news is a boost to the plans of National Australia Bank for selling off its under-performing Clydesdale Bank assets in the UK. Clydesdale has achieved a turnaround as well, to record a March 2013 half-year profit after problem debts declined

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, TSB GROUP PLC, LLOYDS BANKING GROUP PLC, BANK OF ENGLAND, GRUPO SANTANDER, VIRGIN MONEY LIMITED, VIRGIN MONEY PERSONAL FINANCE SERVICE LIMITED, ALDERMORE BANK PLC, SHAWBROOK BANK LIMITED