NAB to cut stake in US bank to 37%

NAB is preparing to offload 18 million shares in Great Western Bancorp as part of its plan to exit the US agribusiness bank.

NAB will sell 18 million shares in its US subsidiary Great Western Bancorp, reducing its stake. (AAP)

National Australia Bank will sell 18 million shares in its US subsidiary Great Western Bancorp, reducing its stake to just over a third.

NAB says it will reduce its holding in the US bank from 68.2 per cent to 37.1 per cent through the share sale.

The price for the shares has yet to be determined.

NAB had flagged in August 2014 that it would divest itself of its holdings in Bancorp as market conditions allowed.

It bought the US agribusiness bank in 2008 for about $A1 billion and sold a 27.6 per cent stake last October for $US288 million.