Clydesdale Bank Plc said it planned to go ahead with its listing on the London Stock Exchange and the Australian Securities Exchange as part of its demerger from National Australia Bank Ltd.

NAB said in May that it would sell between 20 and 30 per cent of its British business, which includes Clydesdale, allowing it to shore up its balance sheet after regulators imposed new, stricter rules on banks.

Clydesdale is not expected to lay off employees or close branches to boost its profit as it pursues a return on tangible equity target of at least 10 per cent by 2020, chief executive David Duffy, the former AIB chief executive, said on Monday.

After it lists, Clydesdale is expected to join the ranks of “challenger” banks in London, which are taking on established companies such as Lloyds Banking Group. – (Reuters)