NAB Merges Online Broking Businesses
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[Sydney, AUSTRALIA] The National Australia Bank (NAB) will use its recent acquisition of broking site Your Prosperity to build its own funds management services, after announcing plans to integrate the two businesses.
The integration will see NABs OnLine Trading move into the banks new Global Wealth Management division, and the combined business will have around 30,000 online broking clients.
The move is a strategy by NAB to streamline the development of a range of new options it intends to offer, such as e-broking, online managed funds and superannuation, in a "retail investment marketplace", according to NAB executive general manager for specialist and emerging business, Ross Pinney.
"Integration also allows us to build on the success of the two services, each with their respective areas of expertise in online investing," said Pinney.
NAB currently intends to keep this brand separate from that of Your Prosperity, which the bank acquired through its purchase of MLC last year. It is conducting research on whether to change this, however, and merge the two brands into a single service.