APRA approves ‘transformational’ MLC deal

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.