National Australia Bank will announce full details of its long-awaited disposal of unprofitable UK subsidiary Clydesdale Bank during the week beginning December 7.
NAB's board formally decided on Friday to proceed with a demerger and initial public offering as outlined in its full year results in October.
The bank said then it would demerge 75 per cent of the UK bank to shareholders and float the remaining 25 per cent in London in February, completing the divestment of all its low-returning offshore businesses.
NAB bought Clydesdale in 1987 but it has been a drag on performance for years.
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