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NAB exits MLC wealth business but keeps hold of JBWere

NAB’s steady curtailment of its wealth management activities gathered pace yesterday when the Australian lender announced it would offload MLC, the wealth business it acquired for A$4.6 billion in 2000. The bank said it would aim to exit the business by the end of 2019 — whether by IPO, demerger or trade sale — and that it would invest “in…

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