IOOF reaches $1.4b deal to buy NAB's wealth business

Loading "Merging two of the longest standing businesses in wealth management brings together a combined culture and common purpose of community spirit and supporting people to achieve their financial goals," Mr Mota said. NAB confirmed the sale on Monday morning, labelling it as part of the bank's strategic decision to focus on its core banking business. "We have a clear plan and we are getting on with it," NAB chief executive Ross McEwan said. "NAB has taken a disciplined approach over the past two years to transform the business and prepare it for exit." NAB's remediation bill grew by a further $268 million in April to a total of over $1.14 billion, with the newly identified misconduct related to its superannuation business. The big four banks have faced ever-growing remediation bills this year as further misconduct aired in the banking royal commission is identified. Low returns and surging popularity of the industry super sector have also accelerated the banks' exit from the wealth industry. The deal will form part of IOOF's strategy to embrace a "goals-led" advice-led model based on driving down costs. Under this strategy, dubbed Advice 2.0, IOOF purchased servicing rights for Bendigo and Adelaide Bank To keep reading about IOOF reaches $1.4b deal to buy NAB's wealth business, Click on the link. Seoul, Korea
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