National restructures following MLC takeover
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.
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