With the sale of MLC’s life insurance business to Nippon Life nearing completion, NAB has merged the remaining wealth management operation with its consumer banking division.

The combined business will be run by NAB Wealth Group Executive Andrew Hagger, who becomes Chief Customer Officer from next Monday.

This business will handle the distribution of wealth products, plus the personal banking network.

Product manufacturing for wealth and banking will be combined into a new division run by Group Executive Products and Markets Antony Cahill. He becomes COO next Monday.

Mr Hagger will also oversee the MLC Life sale, due to be completed this year.

Group CEO Andrew Thorburn says the life business sale has driven the organisational shake-up.

“These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholders,” he said.

“We have had a very clear plan during the past two years and have taken action required to execute that plan.”

Mr Thorburn says the time is right to restructure the bank, after tackling legacy issues such as selling the life business and UK banking operation.

“With the sale of 80% of the life insurance business to Nippon Life nearing completion, we have the opportunity to look to the future of the structure, to drive the next stage of change.

“Our customers will benefit from more integrated banking and wealth offerings.”