In a statement, the banking group has revealed it intends to sell off 100 per cent of its ownership of the GWB over time, but that it is following US business custom in selling off a minority stake initially.
The bank will launch the IPO in the fourth quarter of 2014, with the timing of subsequent sales of GWB shares still uncertain.
"We have been clear that our strategic direction is to concentrate on building a stronger core Australian and New Zealand business and improving the experience for our customers," said NAB group CEO Andrew Thorburn.
"The IPO of the US-based Great Western Bank provides us with the opportunity to further focus our attention on our core business," Mr Thorburn said.
“As we continue to strengthen our core Australian and New Zealand franchises we’ve made the decision that now is the right time for a staged sale of Great Western Bank,” he said.
Deutsche Bank Securities and Bank of America Merrill Lynch have been appointed as book-running managers and underwriters for the deal, following the filing of terms of the IPO with the US Securities and Exchange Commission.
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