Monday 31 August 2020
Earlier this morning, NAB CEO Ross McEwan announced that an agreement has been reached for IOOF to acquire MLC Wealth from NAB. You can read more about the announcement here.
First, I want to reiterate that we are in the position to separate MLC from NAB because of all the hard work we’ve done together over the past two years to restore, modernise and strengthen MLC. Importantly, together we have built a strong strategy and a guiding purpose. I’m so proud of everything you have done. You have risen to every occasion, committing to serve our clients no matter what comes. Thank you!
I am especially proud and grateful for the passion, energy and commitment of the Executive Leadership Team and our new Chairman Rob Coombe, as well as Ross’ support as we have worked hard to rebuild MLC.
NAB has been pursuing a number of appropriate exit paths for MLC – as a standalone separate entity under different ownership and also a trade sale. NAB chose this path on the basis that it delivers the best outcome for both NAB and MLC. Ross has said he recognises the specialised nature of wealth management and that the combined business will be a highly competitive, advice-led retail wealth manager.
Today’s announcement is just the first step in this process, and for now it has to be business as usual. Over the coming months our focus must stay on delivering for our clients and upholding the high expectations we have for each other.
Until the transaction completes, MLC and IOOF will continue to operate as two separate companies. There are regulatory approvals to be confirmed as well as preparation for integration into a new business.
I know that today’s announcement will raise many questions, including what it means to be part of IOOF, your role, where you’ll be based, the immediate impacts on strategic initiatives and more. While all the answers won’t be known at this point, there will be a constant flow of information to you, starting immediately with today and tomorrow’s briefings.
When I started my career in wealth management MLC was destined to lead the way. Fast forward to the present day and we’ve built on our strong heritage and experience to create a new MLC focused on creating future confidence for all our clients and our people. I’ve seen first-hand the way you have been helping Australians navigate the personal and financial challenges stemming from COVID-19.
MLC is you – your expertise, energy and capability. It’s why I am so proud and humbled to lead you and be inspired by you. Every day we work with purpose and passion for our clients and each other, make sure we have some fun, and face into what is a challenging but also an awesome experience.
For now, it’s business as usual. My ask of you is to make sure you keep delivering excellent service to your clients and put them at the centre of everything you do. I look forward to speaking with you later this morning.