April 20, 2018 / 4:11 AM / 3 months ago

UPDATE 1-Australia's NAB to take $582 mln restructuring charge in HY results

(Adds details on CYBG indemnity claim impact, background)

April 20 (Reuters) - National Australia Bank said on Friday it will take A$755 million ($582.26 million) in restructuring-linked costs against its cash earnings in its half-year results.

The figure primarily pertains to workforce reduction costs, it said, and is closer to the higher end of the range of A$500 million to A$800 million set in early November.

In an announcement earlier this week, London-listed lender CYBG PLC, which was spun off from NAB, said it would raise its half-year provisions to cover costs related to an earlier insurance industry scandal.

The expected use of the remaining undrawn capped indemnity of £148 million ($208.30 million) by CYBG would not impact NAB’s Common Equity Tier 1 (CET1) capital, the Australian lender said on Friday.

NAB shares were up 0.1 percent at 0402 GMT, while the Australian equity benchmark was 0.2 percent lower.

$1 = 1.2967 Australian dollars $1 = 0.7105 pounds Reporting by Aaron Saldanha in Bengaluru Editing by Muralikumar Anantharaman and Sunil Nair

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