NAB looking to sell MLC

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) is reshaping its wealth management and looking at options such as selling MLC.

They have announced an intention to pursue an exit of all the Advice, platform, Superannuation and Asset Management systems currently operating under the MLC brand.

This is planned for the end of the 2019 calender year.

The Group will invest in more focused wealth offering including JBWere and Nabtrade – the group’s fastest growing online investing platform supporting self directed customers.

The decision was announced as NAB unveiled a half-year net profit of $2,583 million, a small lift on last year.

Underlying cash earnings were $2.77 billion for the half, down 16 per cent on last year and marginally down on expectations.

Shares in National Australia Bank (ASX:NAB) are down 0.2 per cent to $29.52
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.