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NAB to delay MLC sale

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NAB is likely to delay offloading MLC Wealth Management until the 2020 financial year following weak trading results and amid fallout from the Hayne royal commission.

The bank says cash earnings fell 3% in the first quarter.

The regulatory and operating environment for wealth businesses remains challenging, its trading update says. NAB will take a “disciplined” approach to the sale and will execute it at the appropriate time.

NAB initially planned to offload the wealth management business – comprising about 4% of group earnings – by the end of the year.

It sold MLC’s life insurance business to Nippon Life two years ago.