find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
NAB demerges from UK banks

NAB demerges from UK banks

Diana Nicholson, KWM

Several firms have acted in NAB's demerger from the Clydesdale and Yorkshire Bank operations and the subsequent IPO of new entity CYBG.

Firms: King & Wood Mallesons (NAB); Clifford Chance (NAB London & CYBG); Allen & Overy (CYBG board); Linklaters (underwriters)

Deal: NAB completed a demerger from the Clydesdale Banking Group (now known as CYBG) and then launched an IPO of the new entity

Value: $3.2 billion

Area: M&A

Key players: The KWM team included partners Diana Nicholson (pictured), Peter Stirling, Ian Paterson, Will Heath and Samantha Kinsey, and senior lawyers David Bryant, Agata Bober and Jack Hill.

Deal significance:

The demerger will see NAB separate from UK-based Clydesdale and Yorkshire Bank operations, which will form a new entity to be known as CYBG plc.

NAB shareholders will own 75 per cent of the new entity, with the remaining 25 per cent divested under an institutional offer and the proceeds returning to NAB.

CYBG is listed both on the Australian Securities Exchange and the London Stock Exchange, and has a market capitalisation of approximately $3.2 billion.

The demerger and IPO of CYBG is a significant milestone for NAB that will enable it to pursue its “focused strategy in its core markets in Australia and New Zealand”, according to a statement from KWM.

“The complex transaction is key to NAB meeting one of its strategic objectives,” KWM partner Diana Nicholson said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

NAB demerges from UK banks
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...