NAB to exit wealth management

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.