NAB has appointed Geoff Lloyd as CEO of its MLC wealth management business, which it plans to divest by the end of next year.

Mr Lloyd, who last month left as CEO of financial services group Perpetual, will take up the appointment on September 1.

“The core MLC wealth management business is strong, with great growth prospects, and I am confident Geoff will not just assist in a successful transaction but also help realise the full potential of the new business,” NAB CEO Andrew Thorburn said.

Mr Lloyd is chairman of the Financial Services Council and has more than 20 years’ experience in the industry. Before joining Perpetual he held senior roles with BT Financial Group and the St George wealth management business.

NAB may exit MLC through a demerger and initial public offering, or remains open to a trade sale.