National Australia Bank (NAB) is working towards offloading its wealth management business, MLC Wealth.
According to the firm, it is making progress, but it is not clear how the company will be separated from the bank and when that will take place.
“We are targeting a public market exit, but will also explore alternative transaction structures and options,” NAB said.
“To assist our exit, our focus includes client remediation, operational separation and enhancing long-term business sustainability.
“NAB will take a disciplined approach to the exit of MLC Wealth and will execute a transaction at the appropriate time, having regard for the interests of all stakeholders.
“Work on operational separation has progressed well, but the business environment remains challenging.”
It may take place after financial year 2020.
“Any transaction remains subject to market conditions, regulatory and other approvals,” NAB added.
The bank had hoped to sell its wealth arm in 2019, but it was forced to halt any operations on the matter after the publication of the Royal Commission report, which pushed its former chief executive Andrew Thornburn to resign in March 2019.
