IOOF welcomed the approval, saying it had satisfied the final regulatory condition necessary to complete its acquisition of MLC and that its demonstration of how its “strategic intent will deliver improved member outcomes” had been central to its engagement with APRA.
“This transformational acquisition will create one of the industry’s largest advice-led wealth management organisations. MLC will deliver a step change in our scale and reach, providing substantial benefits to our clients, members, and ultimately our shareholders,” said IOOF chief Renato Mota.
“We look forward to continuing to challenge ourselves to deliver accessible, affordable and sustainable advice-led wealth management outcomes for the benefit of all Australians.”
IOOF and NAB are working towards a completion date of 31 May 2021.
Look at all the doomsayers. Didn’t we hear the same thing when IOOF acquired ANZ P&I. It’s not their first acquisition. As a shareholder, I am not complaining.
Haters are going to hate.
Is it advice-led or is it sales-led as this is a product provider?
APRA will never learn
MLC will blow a hole in the side of IOOF’s already patchwork band aid businesses! MLC is bleeding heavily and I don’t think IOOF can sack enough people or cut costs quickly enough to match the revenue decline! NAB has sold them a puppy but positive mkt movement can make it look OK in the short term! IOOF=big short!
Its a love story until it gets ugly and the divorce proceedings get under way. Mota’s days are numbered !
But IOOF board need an ‘inside’ CEO so the skeletons in the cupboard don’t get out