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National Australia Bank shareholders who benefited from NAB’s divestment of its British subsidiary Clydesdale will now have a stake in a new UK national bank after the spun-off company made a revised merger proposal to Virgin Money.

Clydesdale, which was spun off in 2016 after NAB failed to stem losses, said its revised proposal included a seven per cent increase in the exchange ratio to 1.2125 new CYBG shares for each Virgin Money share.

Under the deal, currently the subject of undergoing due diligence and ongoing discussion, Virgin Money shareholders would own about 38 per cent of the new combined group, while the regional bank would own 62 per cent.