The Australia Prudential Regulation Authority (Apra) has given the all-clear for IOOF to acquire National Bank of Australia subsidiary MLC Wealth.
International Adviser first reported on the A$1.4bn (£783m, $1.1bn, €901m) deal in September 2020.
According to Apra, the deal could not go ahead sooner because IOOF would be taking over a controlling stake in Nulis Nominees, part of MLC Wealth.
Nulis is an RSE licensee as it provides superannuation services and, as such, it requires regulatory approval before the takeover bid can be finalised.
Under Australia’s Superannuation Industry (Supervision) Act 1993, “changes to holder of a controlling stake in an RSE licensee requires Apra approval”, the watchdog said.
