Australian financial services provider IOOF has agreed to acquire National Australia Trustees (NATL) from National Australia Bank (NAB) for an undisclosed amount.
NATL provides trustee services in Western Australia, New South Wales, Queensland and Victoria.
Upon completion of the transaction, NATL will work alongside IOOF’s trustee business Australian Executor Trustees (AET) to enhance both IOOF and AET’s national presence in offering specialist trustee services.
The deal, which is subject to regulatory approval, is expected to be completed in the next few months.
Commenting on the acquisition, IOOF managing director Christopher Kelaher said: “National Australia Trustees’ offering is a strong strategic fit with our existing trustee business. This acquisition demonstrates our commitment and belief that all Australians should have access to professional trustee services as part of their wealth planning to support their financial independence and provide them with peace of mind.”
National Australia Trustees CEO Andrew Rimmer said: “This is the right outcome for our customers and follows a strategic review by NAB of the NATL business.
“During this period, National Australia Trustees will be working closely with IOOF to ensure the successful transition of staff, systems and customers.
“Both IOOF and NATL are committed to client service excellence and look forward to working together to ensure a smooth transition and continuation of superior client service,” Rimmer added.