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.