NAB decides against Professional purchase
(1st October 2010 – Australia) National Australia Bank’s wealth management subsidiary MLC has declined its option to acquire a minority stake in Professional Investments Holdings (PIH).
As a result of the bank’s acquisition of Aviva last year it was given an option to purchase a 23 percent stake in the financial planning group.PIH is one of the biggest users of Aviva's Navigator platform.
Richard Nunn, an executive general manager of MLC said that the wealth manager would not be exercising its option to acquire a minority stake in PIH.
The firm has a good relationship with the PIH group and will continue to work closely with them to provide access to MLC insurance and investment products, Mr Nunn said.
The decision follows NAB’s decision to shelve its A$13.3 billion acquisition for Axa Asia Pacific Holdings, after twice being knocked back by the competition regulator.
Richard Nunn, an executive general manager of MLC said that the wealth manager would not be exercising its option to acquire a minority stake in PIH.
The firm has a good relationship with the PIH group and will continue to work closely with them to provide access to MLC insurance and investment products, Mr Nunn said.
The decision follows NAB’s decision to shelve its A$13.3 billion acquisition for Axa Asia Pacific Holdings, after twice being knocked back by the competition regulator.
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