NAB seperates operations
The National Australia Bank will separate its insurance and investment operations from banking in a restructure, following the acquisition of MLC from Lend Lease
The National Australia Bank will separate its insurance and investment operations from banking in a restructure, following the acquisition of MLC from Lend Lease.
Lend Lease announced the conditions for the acquisition had been met and the sale will be completed tomorrow.
The National said its new structure will separate its banking businesses from its major investment and insurance operations.
The MLC financial services businesses will be owned by the National's life insur-ance subsidiary, National Australia Financial Management (NAFM), while the ex-isting service and infrastructure entities of NAFM and MLC will be combined un-der the direct ownership of the National.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
