NAB has confirmed it will sell its wealth management businesses operating under the MLC banner by the end of the 2019 calendar year.
In its half-year results this morning, NAB announced that it will divest its MLC business as part of a plan to "reshape" its wealth management business.
"This involves an intention to pursue an exit of the advice, platform & superannuation and asset management businesses, currently operating under the MLC and other brands," said NAB.
"Separation is targeted by the end of the 2019 calendar year, subject to market conditions and the required approvals."
NAB will retain its JBWere and nabtrade businesses.
The announcement confirms hints made by NAB chief customer officer for consumer and wealth Andrew Hagger at the royal commission hearings last week.
It also follows the sale of ANZ's wealth business to IOOF.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- 15 Aug 2018CFS required no proof for service fees, RC hearsBy Killian Plastow
- view all