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.
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.