FUM business acquisitions

When National Australia Bank (NAB) acquired MLC Limited in 2000 it paid $4.5 billion for the business.

Twenty years later it has sold that business to IOOF for just $1.4 billion and, at the same time, has accepted continuing responsibility for the advice remediation and many of the other regulatory issues which flowed both before and after the Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry.

NAB had already sold 80 per cent of its life business in 2016 for $2.4 billion.

In 2020, after finally achieving regulatory clearance, IOOF bought ANZ’s pensions and investments business for $825 million.

Clime Investment Management purchased Madison Financial Group for $4.4 million with working capital adjustment in 2020

Count Financial was sold to Commonwealth Bank for $343 million in 2011.  CountPlus purchased back the business for $2.5 Million in 2019.  CBA would continue to support and manage customer remediation matters arising from past issues at Count Financial, including after completion of the transaction and provide a $200 million indemnity to CountPlus for all claims notified within four years of completion.

CBA sold 55% of Colonial First State to Kohlberg Kravis Roberts for $1.7 billion in 2019

Westpac sold its loss-making financial advice business to Viridian in 2019.

More transactions to be added….

 

 

 

 

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