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