MLC, the wealth management arm of National Australia Bank (NAB), is reportedly planning to outsource IT and back office services.
The move would see hundreds of internal positions shifted to external providers, the Australian Financial Review has reported.
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According to the publication, NAB has sent an "expression of interest" (EOI) document out to 10 potential suppliers, with the aim of assessing the viability of a shift to an outsourced model in coming months.
The EOI is believed to have been sent to incumbent tech suppliers Accenture, Genpact, IBM and Tech Mahindra, with a further six including Tata Consultancy Services, HCL Technologies and Wipro.
"The bank had only run limited outsourcing programs over the past four years, but it was likely for a business of its size to be assessing the option," a NAB spokesman was quoted as saying by Australian Financial Review.
He said there had been no decision yet to change current arrangements. "We have continually assessed our business operations and will continue to work with third-party suppliers to see if we can identify whether there are opportunities to optimise and improve arrangements that can further benefit our customers," he said.
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By GlobalDataIt is understood the scope of the back office work would include work in technology, portfolio management, credit control and also on wrap platforms and self-managed super funds.
The division, which has long been considered something of an underperformer since NAB acquired it from Lend Lease in 2000 for $4.6 billion, has been looking at options to restructure its operations since Andrew Hagger took over last year.
