Another Australian bank has started to shed its non core assets. Under the leadership of CEO Andrew Thorburn, NAB has been disposing of poorly performing or non-core businesses, especially offshore.
National Australia Bank (NAB) has announced that it has agreed to sell a 55 percent interest in its asset consulting business JANA to the Jana senior management team.
Jana is recognised as Australia’s leading asset consulting firm, with funds under advice of more than $350 billion, as at 30 June 2017.
Simpler and Leaner
NAB Asset Management Executive General Manager, Garry Mulcahy, said «this transition will mark an important evolution for both NAB Asset Management and Jana.» The proposed transaction is expected to be completed in September 2017.
NAB chief Thorburn has been pushing his bank towards being «smaller, leaner and simpler» not unlike his peer at ANZ Shayne Elliott.
Closer to Home
Earlier this year as finews.asia reported, NAB agreed to sell its Private Wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation, (OCBC).
That deal mirrored the move by fellow Australian lender ANZ, who sold off Asian wealth units to Singapore's DBS Bank.
At the time NAB said its focus in Asia would turn to Business, Corporate and Institutional Banking, a sentiment and business move shared by ANZ.