What: Shareholders who continue to own both National Australia Bank Ltd (ASX: NAB) and CYBG PLC CDI 1:1 (ASX: CYB) – more commonly known as Clydesdale Bank – won’t consider the timing of NAB’s divestment of Clydesdale to be exquisite. However, the board and management of NAB are no doubt breathing a sigh of relief in the wake of the United Kingdom referendum result regarding the nation’s economic ties to the European Union.

So What: In the past two trading sessions the share price of Clydesdale Bank has slumped a whopping 26% and is currently trading around the $4 mark. This is in line with the level the stock first traded at post its demerger from NAB in early February.

For comparison, NAB’s share price has lost just over 5% in the past two days.

Now What: Given the share price of Clydesdale briefly rallied as high as $5.86, NAB shareholders who received shares in Clydesdale as part of the demerger will no doubt be kicking themselves that they did not offload the stock at much higher levels than are available today.

With that opportunity now passing, it’s important that shareholders remain level headed and consider the underlying valuation of these two banks.

Just as NAB has arguably been the cheapest major bank stock on the ASX for some time, it’s possible that Clydesdale’s shares are now attractively priced too and sit more in the “buy” category than the “sell” category.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.