NAB today completed the sale of its wealth management business, MLC Wealth, to IOOF.

The combination of MLC and IOOF creates a highly competitive player in the Australian wealth management industry – which will be great for MLC Wealth clients.

For NAB, safely separating MLC Wealth has been a key strategic priority.

NAB CEO Ross McEwan said this has been a huge project, delivered at pace since the sale to IOOF was announced in August 2020.

“This successful exit of MLC Wealth is a significant milestone on executing the strategic ambition, simplifying our portfolio and enabling us to focus on our core businesses.

“The collaborative effort between NAB, MLC and IOOF over the past nine months has allowed us to execute a safe transition, with speed, that will benefit members and customers.

Mr McEwan thanked MLC staff, who will officially join IOOF tomorrow, for their focus and for putting their clients’ needs first during the transition period.

In particular, Mr McEwan acknowledged MLC Wealth Acting Managing Director Andrew Morgan and the MLC leadership team for their stewardship over the past eight months.

Mr McEwan said that momentum was building in NAB.

“We are growing our market share in business bank – and continue to provide a holistic service to high net-worth and self-directed wealth customers through the NAB Private Wealth team.

“We’re delivering simple home loans faster and achieving disciplined growth in C&IB and BNZ. Our acquisition of 86 400 also enables us to deliver on our ambition to make UBank a leading digital bank, once again.

“We are well positioned to drive a business-led economic recovery, working with our customers in both Australia and New Zealand,” Mr McEwan said.

You can read NAB’s statement to the ASX here, and IOOF’s statement to the ASX here.