NAB sells business
National Australia Bank has continued to sharpen its focus on its core business activities with the sale today of its Commercial Fleet business to South African-based Super Group Limited.
The Commercial Fleet business specialises in the leasing and maintenance of light to heavy-duty commercial vehicles such as buses, forklifts and trailers.
Announcing the sale today, NAB Group chief executive John Stewart said that while Commercial Fleet had been a profitable part of NAB since 1997, it was not part of NAB’s core business.
He said NAB would continue to offer a full suite of products to its customers by referring operating lease requests within the Commercial Fleet asset categories to Super Group.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
