Australian banks' offloading of wealth businesses continues
BNZ parent NAB has agreed to sell its MLC Wealth business to IOOF for A$1.44 billion.
Tuesday, September 1st 2020, 4:59AM 
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Ross McEwan
Group chief executive Ross McEwan said it would allow NAB to prioritise investment and focus on executing its “refreshed strategy” of delivering simpler, more streamlined products and processes for customers and staff.
“NAB has taken a disciplined approach over the past two years to transform the business and prepare it for exit,” he said.
“Significant work has been done by MLC chief executive Geoff Lloyd and his executive team to modernise and strengthen the MLC business and remediate customers.
“We have explored a range of transaction options and are confident this sale provides the best outcome for NAB shareholders and for MLC stakeholders.
“We recognise the specialised nature of wealth management and the opportunity for the MLC business as part of IOOF.”
Consolidation had the potential to reduce costs, complexity and risk, he said.
NAB will retain legal ownership of MLC’s advice entities for the purpose of completing its remediation programme.
Aligned advisers will be offered the opportunity to transfer to IOOF licences.
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Comments from our readers
Perhaps best summed up by “The best things in life aren’t planned – they just happen”
@ fred - Can you clarify your comments please? I'm not sure if you were being negative about the 100+ members (from banks) in the IFA. Please clarify.
WhenI left I can recall bank members were circa 50 and vast majority held CFP qual.
In the investment arena the underperformance of the bank investment solutions means they are detracting value not adding it. Happy to be proven wrong if someone can show me the data
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