This is from February this year so indicates this FY but that could be any time in the next 6-8 monthsNational Australia Bank has put on hold the divestment and public-markets exit plan of its MLC Wealth, until at least the second half of this calendar year, the company has confirmed.
Fresh from leadership changes at the bank, with chief executive Andrew Thorburn and chair Ken Henry both announcing their departures last week, NAB outlined the delay to the MLC split in a trading update today.
While NAB said its plan to exit the MLC wealth management business had “good momentum under new leadership”, the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry are now known and “bring more clarity to the proposed divestment”.
“The current regulatory and operating environment for wealth businesses remains challenging and a delay of the intended public markets exit of MLC to FY20 is now likely,” the update read.
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