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NAB Considers A$3.7 Billion Float of U.K. Unit, Australian Says

Feb. 9 (Bloomberg) -- National Australia Bank Ltd. is considering a A$3.7 billion ($3.3 billion) stock market listing of its U.K. division, the Australian newspaper reported, without saying where it got the information.

The Melbourne-based bank may proceed with a flotation of the Clydesdale and Yorkshire banking unit at the end of this year, according to the newspaper. NAB may yet decide to sell the division to a rival such as Banco Santander SA, the Australian said.

The bank is assessing an exit from the U.K., where it has 2.7 million customers and 330 branches, more seriously because the local economy is improving, according to the newspaper.

NAB, Australia’s fourth-largest bank by market value, may aim to sell the unit, which is based in Glasgow, Scotland, for close to its book value of 2.41 billion pounds ($4 billion), Morningstar Inc. said last month. Clydesdale is expanding profit margins on its loans at the same time that mortgage demand is rising and defaults are shrinking.

To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net

To contact the editor responsible for this story: Stanley James at sjames8@bloomberg.net

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