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National Australia Bank merges 5 super funds

NationalAustralia Bank Ltd. is merging five of its super funds tostreamline the structure of its superannuation business.

The proposed merger came after the bank's agreement inOctober 2015 to sellan 80% stake in its life insurance business to The salerequires that the life business be structurally separated from thesuperannuation and investments business, which the bank will retain, accordingto a July 14 news release.

The combined fund will be known as MLC Super Fund and willbe Australia's largest retail super fund. It will have about A$70 billion infunds under management.

Paul Carter, superannuation and investment platformsexecutive general manager, said the move lays the groundwork for the bank'splanned A$300 million investment across its wealth business.

As of July 13, US$1was equivalent to A$1.31.