Major institution announces new wealth chair

A big four bank has appointed a new chair of its wealth business as it seeks to separate the business from its core banking offering.

In a statement, NAB said it had appointed Robert Coombe as non-executive chairman of National Wealth Management Services Limited, the head company of the MLC Wealth business.

NAB chairman Philip Chronican said the appointment of Mr Coombe would be the first in a series of appointments of independent board members to the wealth business as NAB sought to establish MLC as its own separate entity from the bank.

“Rob has the right leadership skills and experience for MLC as it separates from NAB at a critical time for the wealth management sector and its clients,” Mr Chronican said.

“He has extensive relevant experience in wealth management and financial services including superannuation, asset management, retail and private banking and financial advice businesses.

“MLC is well progressed in its plans to reshape, restore and renew its business and this appointment represents another important milestone in its establishment as a standalone business with strong corporate governance.”

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Mr Coome is currently chairman of Generation Development Group, the parent company of investment bond business Generation Life. He is also an independent director of Malaysian bank CIMB Group.

Major institution announces new wealth chair
NAB
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