IOOF to acquire MLC Wealth from NAB for $1.1bn.

IOOF, an Australian financial services company, agreed to acquire MLC Wealth, the wealth management unit of National Australia Bank, one of the four largest financial institutions in Australia, for $1.1bn. "The combination of IOOF and MLC brings wide-ranging capabilities, technical expertise and a purpose driven mindset to enable the new-era group to significantly enhance choice, accessibility and client experience," Renato Mota, IOOF CEO.