(3 May 2018 – Australia) Australia’s big four banks continue their departure from the wealth sector with NAB the latest to announce plans to sell off its wealth arm, MLC.
MLC, which includes financial advice, superannuation and funds management, will be sold by the end of 2019 through a sharemarket float and demerger, or possible trade sale. NAB will keep the JB Were and nabtrade businesses.
The bank said it was likely it would have a continuing relationship with MLC, enabling the bank to provide MLC products and advice to its customers.
NAB chief executive, Andrew Thorburn said the decision to sell was driven by a desire to simplify and allocate capital to its core banking businesses and was not a result of recent revelations in the banking royal commission.