LONDON: National Australia Bank Ltd said the spin off of its UK unit Clydesdale Bank Plc , expected on Tuesday, would be delayed for 24 hours.
NAB, Australia's biggest lender by assets, did not provide details on why it had postponed the float of the nearly 180-year-old British lender.
Clydesdale shares were priced at 180 pence on Monday, towards the lower end of NAB's wide 175-235 pence indicative range, bookrunners had told Reuters. Some analysts had considered the initial range "aspirational", given recent declines in share markets.
NAB said on Tuesday that the float was multiple times covered at 180 pence, but that it would announce a final pricing on Wednesday.
The Australian lender, which bought Clydesdale in 1987, is expected to sell 25 percent of the unit in the IPO and float the rest to its shareholders.
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