In a statement yesterday, the bank said it will retain 20 per cent of the new MLC Life Insurance business and retain full ownership of the existing investment businesses, which include superannuation, platforms, advice and asset management.
As part of the sale, NAB has also commenced a 20-year distribution agreement with Nippon Life.
NAB Group chief executive Andrew Thorburn said, “This is a significant and important transaction, marking the end of the group’s major divestments… From today we move forward with a simpler, clearer wealth model designed to service our customers better.”
At the same time, NAB announced the new MLC board. Former Australian Ambassador to Japan Peter Grey has been appointed as chairman of the company.
He will be joined by independent board member Andrew Cornish and non-executive board members Hiroyuki Nishi and Toshihiro Nakashima.
Current independent non-executive director and chair of the MLC audit committee, Sandra Birkensleigh, will continue as a director on the board. Other board directors will include MLC CEO David Hackett as executive director and NAB chief customer officer Andrew Hagger as a non-executive director.
Mr Thorburn said, “The renewed board will collectively hold a deep understanding of MLC Life Insurance’s history and the insights and leadership to guide MLC Life Insurance as it looks to grow into the future.
“Mr Grey is a former senior diplomat and official, respected by business with strong international links, particularly in Japan.”
