The Australian Prudential Regulation Authority (APRA) has approved IOOF’s bid to acquire MLC, including responsible superannuation entity (RSE) NULIS Nominees (Australia) Limited.
On 31 August, 2020, IOOF entered into an agreement with National Australia Bank (NAB) to acquire MLC wealth management businesses.
In an announcement to the Australian Securities Exchange (ASX), IOOF said it was working with NAB towards a completion date of 31 May, 2021 post market close.
IOOF chief executive, Renato Mota, said: “This transformational acquisition will create one of the industry’s largest advice-led wealth management organisations.
“MLC will deliver a step change in our scale and reach, providing substantial benefits to our clients, members, and ultimately our shareholders. We look forward to continuing to challenge ourselves to deliver accessible, affordable, and sustainable advice-led wealth management outcomes for the benefit of all Australians.”
