SYDNEY: Australia's IOOF Holdings Ltd said it will buy National Australia Bank Ltd's financial advisory arm for A$1.4 billion ($1.1 billion), making it the country's biggest retail wealth management firm.
The deal underscores a dramatic reshaping of Australia's retail finance industry after a public inquiry exposed regulatory scandals at the country's top lenders, forcing them to carve off non-essential businesses. Both IOOF and rival AMP Ltd, the country's oldest wealth advisory firm, were also hit hard by the inquiry.