Australian banks have faced a string of scandals in financial advice, alongside weak returns from their wealth businesses. ANZ and Commonwealth Bank are also selling out of wealth management.
The royal commission into misconduct in financial services last month exposed serious flaws in advice, but NAB chief executive Andrew Thorburn on Thursday said the sale of MLC was under consideration well before the royal commission was called.
NAB said it was likely it would have a continuing relationship with MLC, allowing the bank to provide MLC products and advice to its customers. Mr Thorburn said the decision was driven by a desire to simplify NAB and allocate capital to its core banking businesses.
When we look at MLC, we feel its a good busines…
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