NAB announced today that it has entered into an agreement with IOOF to sell its National Australia Trustees (NATL) business.

NATL CEO, Andrew Rimmer, said, “This is the right outcome for our customers and follows a strategic review by NAB of the NATL business.”

Completion of the sale is subject to regulatory approval and is expected to be finalised in the next few months.

Mr Rimmer said that, “During this period, National Australia Trustees will be working closely with IOOF to ensure the successful transition of staff, systems and customers.”

Read the media release about the announcement.