IOOF acquires NAB’s trustee business

IOOF is to acquire National Australia Bank’s National Australia Trustees Limited giving it significant scale in the market.

The transaction was confirmed to the Australian Securities Exchange (ASX) today with IOOF managing director, Christopher Kelaher stating acquisition of National Australia Trustees offered a strong strategic fit with IOOF’s existing trustee business.

The acquisition fits alongside IOOF’s ownership of Australian Executive Trustees, with Kelaher saying the acquisition demonstrated the firm’s commitment and belief that all Australians should have access to professional trustee services as part of their wealth planning.

Related News:

Commenting on the transaction, National Australia Trustees chief executive, Andrew Rimmer said it represented the right outcome for customers.

The transaction is subject to regulatory sign off but is expected to be finalised in the next few months during which time National Australia Trustees will be working with IOOF to ensure staff and systems transitions.

Related Content

Major banks tell shareholders who will pay

The major banks have taken their campaign against the Government’s proposed banks levy to their shareholders with both Westpac and the Commonwealth ...more

Barrett’s AZNGA moves into accounting

Paul Barrett’s Italian-backed play, AZ Next Generation Advisory has broadened its footprint by moving beyond financial planning and into the account...more

Owners Advisory folds after founder death

Macquarie has announced it will be integrating the Owners Advisory automated advice offering into its wealth platform following the sudden death of it...more



Add new comment