Flotation of Yorkshire and Clydesdale banks planned for next year, reports claim

National Australia Bank (NAB) could be planning to float its Yorkshire and Clydesdale banks in 2015 as it makes its exit from Britain "an absolute priority".

The group, which has suffered heavy losses in the past few years, is reportedly in the process of preparing a £2bn-plus flotation.

Morgan Stanley has been appointed to lead the sale of the banks, which between them have 330 branches and 2.7m customers.

NAB recently said it was examining a "range of options" for the banks and that its departure from the UK was being looked at with "greater urgency".

The banks have been plagued with problems, including bad debts, the mis-selling of payment protection insurance and the sharp reduction in the value of its real estate loans portfolio after the recession hit.

NAB has previously said it plans to focus on its domestic market and New Zealand.