Yorkshire Bank £2BN Float

Yorkshire Bank will be floated for £2BN by its current owners, National Australia Bank as part of their strategy to exit the UK market after making significant losses here.

Yorkshire and Clydesdale, both of which are owned by National Australia Bank and both of which will be floated, have (according to the Telegraph) 2.7m customers and 330 branches. As with many other banks, they have had to write off billions of pounds of bad debts and compensate customers mis-sold payment protection insurance and complex interest rate derivatives.