National Australia Bank has confirmed its intention of exiting its wealth management business in Australia, excluding JB Were and nabtrade.
The big banking group confirmed its intention while releasing its half-year results to the Australian Securities Exchange today declaring it intended to focus on its core strengths and to move to a simpler wealth offering.
“We intend to exit our other wealth management businesses including MLC,” it said.
Comments
I have written a fair bit of business with MLC, I will be very upset if TAL or the like some in and take it over and bump up the premiums and reduce benefits as per usual with these deals. Its a good product overall, fairly priced and decent claims from my experience. Its a real pity that once again this will all lead to less competition and less choice, I assume in a few years a lot of others will go the same way as they just cant make money from the non underwritten part of the businesses, and we will be left with a few providers with a lot of power.
TJ - this is the wealth / super business. NAB already divested most of the Insurance arm to Nippon life previously. It has the MLC brand but NAB has already taken their capital out of that business.
Thanks Jonno, my mistake, hard to keep up with all this!
Nothing like the Banks crapping all over our Industry, then just selling off their interests like nothing happened.
Yes, they've milked it for long enough, the regulatory tide has now changed inevitably, so abandon ship, float it off - someone else's problem. Probably innocent super fund shareholders who will lap the float up, sold to them as blue chip by investment bankers etc. The cycle continues.!
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