NAB joins bank retreat from wealth

Original article by James Eyers
The Australian Financial Review – Page: 1 & 20 : 4-May-18

National Australia Bank CEO Andrew Thorburn has refuted suggestions that its decision to sell the MLC wealth management unit has been prompted by the banking royal commission. However, he concedes that the commission’s revelations have meant that banks must change their approach to business. Thorburn also notes that the NAB is aware that it may not be able to sell MLC as a single unit if the commission decides that financial planners should no longer be able to work for businesses that manufacture investment and superannuation products.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NIPPON LIFE INSURANCE COMPANY LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, CLIME ASSET MANAGEMENT PTY LTD, ONEPATH AUSTRALIA LIMITED, ZURICH FINANCIAL SERVICES AG, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, JBWERE LIMITED, NABTRADE, GREAT WESTERN BANK, CLYDESDALE BANK PLC

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