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Major Australian Bank Looks for Wealth Management Acquisition

Lachlan Colquhoun

21 May 2007

Australia's top-ranked lender National Australia Bank is preparing to make an international wealth management acquisition, its first since writing off A$4 billion on US mortgage group Homeside five years ago. Australian analysts say senior NAB management are focusing on wealth management, agricultural lending and the UK-developed financial solutions centres as main items on its shopping list. In wealth management, NAB is reportedly looking to leverage on the success of its local MLC subsidiary, which is a leader in the sophisticated Australian superannuation - or pensions - savings market. MAB sold MLC's operations in Hong Kong and Indonesia last year, and is more likely to expand further into the UK or in Europe or North America. China is now reportedly off the agenda and the bank, headed by John Stewart, is also set to steer clear of buying an overseas retail banking operation.