Diversified financial services firm IOOF has reached an agreement with NAB to acquire National Australia Trustees.
IOOF will add NAB's National Australia Trustees business to its existing Australian Executor Trustees (AET) business as part of a deal announced today.
AET is a specialist provider of estate and trustee services operating in Western Australia, NSW, Queensland and Victoria.
IOOF managing director Christopher Kelaher said, "National Australia Trustees’ offering is a strong strategic fit with our existing trustee business.
"This acquisition demonstrates our commitment and belief that all Australians should have access to professional trustee services as part of their wealth planning to support their financial independence and provide them with peace of mind.
"IOOF’s AET business is a leading trustee operator and this agreement will lead to improved outcomes for our combined customers who will benefit from greater scale and more specialist product offerings."
National Australia Trustees chief executive Andrew Rimmer said, "This is the right outcome for our customers and follows a strategic review by NAB of the [National Australia Trustees Limited] business.
"Both IOOF and NATL are committed to client service excellence and look forward to working together to ensure a smooth transition and continuation of superior client service."