Investment banks are yet to be appointed for the sale of NAB’s $4 billion-odd wealth management business.
But expected to be hired to work on the exit are Bank of America Merrill Lynch, Morgan Stanley and Macquarie Capital — three banks that have a close relationship with NAB and have worked on its asset sales in the past.
A beauty parade to select advisers will likely be held shortly.
The National Australia Bank confirmed today it would sell its wealth management operations by way of a float or a demerger.
It comes after a nine-month review into the business.
NAB said it would exit its advice, platform and superannuation and asset management business currently operating under MLC, and retain JBWere.
Market analysts estimate the wealth business value to be about $4bn.
NAB is running a dual track process with the business to be sold by the end of 2019 — likely via a float or a demerger.
The deal has widely been tipped for some time after the bank sold its life insurance operations to Nippon Life for $2.4bn in 2016.
Speculation has recently been mounting that Nippon Life could be once again in talks with NAB to buy its MLC business.
Bidders lob first round offers for Brookfield’s La Trobe Financial
Bids are due on Friday for the mortgage business, but there’s questions over whether selling all of the company will be the best deal for its private equity owner.
Evolution urged to pounce on fallen Greatland Resources
Market watchers want the gold miner to reconsider its no-acquisition stance and snap up Greatland Resources after the Andrew Forrest-backed miner’s shares plunged 24 per cent.