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News: IFL National Australia Bank Announces Agreement To Sell MLC Wealth To IOOF

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    Aug 31 (Reuters) - National Australia Bank Ltd (NAB) :

    • NAB ANNOUNCES AGREEMENT TO SELL MLC WEALTH TO IOOF-NAB.AX
    • EXPECTED TO RECEIVE ABOUT $220 MILLION OF SURPLUS CASH FROM MLC IN FORM OF A PRE-COMPLETION DIVIDEND
    • TRANSACTION IS ESTIMATED TO RESULT IN A POST-TAX LOSS ON SALE OF ABOUT $400 MILLION
    • ON A PRO FORMA 30 JUNE 2020 BASIS, NAB GROUP’S CORE EQUITY TIER 1 CAPITAL EXPECTED TO INCREASE BY ABOUT 30BPS
    • DEAL EXPECTED TO RESULT IN A PRO FORMA CET1 RATIO OF ABOUT 11.9%, MODEST UPLIFT IN NAB'S ROE
 
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