subscribe to our newsletter

ACCC green-lights NAB’s $1bn sale of MLC

NAB’s $1-billion sale of MLC Wealth to IOOF is set to go ahead after the competition commission said it would not oppose it.

The National Australia Bank’s (NAB) sale of MLC Wealth Management to The Independent Order of Odd Fellows (IOOF) in September 2020 has progressed further after the Australian Competition and Consumer Commission (ACCC) announced that it would not oppose the merger.

IOOF and MLC Wealth Management both supply (through licensed financial advisers, corporate/employer sponsors and directly) superannuation and non-superannuation investment products and financial advice to consumers in Australia. 

ACCC commissioner Stephen Ridgeway commented: “Transactions that combine two major firms in a sector will attract close scrutiny from the ACCC.

“However, feedback from customers, financial advisers and other industry participants suggested that this deal would not be likely to substantially lessen competition.” 


The ACCC’s review indicated that IOOF would still be competing with, and constrained by, several other large firms along with a number of small firms.

It suggested that the IOOF’s market share would still be around 10 per cent after the acquisition.

The ACCC therefore concluded that the proposed acquisition was unlikely to substantially lessen competition in any relevant market.

“Despite the profile and size of this transaction, it does not raise concerns under section 50 of the Competition and Consumer Act largely due to the fragmented nature of most of the relevant markets and strong constraints from remaining competitors,” added Mr Ridgeway.

The $1.44 billion deal is expected to be complete “before the middle of calendar year 2021” should all regulatory approvals and transaction conditions be met.


[Related: NAB to sell MLC for $1.5bn]

ACCC green-lights NAB’s $1bn sale of MLC
ACCC green-lights NAB’s $1bn sale of MLC

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Latest News

The IMF has urged Australia to consider reforms around housing supply and lending standards, citing apprehension around the upsurge in prope...

Treasurer Josh Frydenberg has backed the net-zero emissions by 2050 target, warning failure to comply will hurt banks’ access to capital a...

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.