NAB has bolstered its wealth management and insurance business with the acquisition of Aviva Australia’s wealth management arm.
The bank agreed to purchase the business today, including its life insurance arm, for $825 million, after a closely fought battle with AMP.
NAB chief executive Cameron Clyne said the acquisition would enhance the bank's offering in key wealth management segments, including insurance and investment platforms.
"The acquisition meets the objectives outlined in the NAB Strategy earlier this year," Mr Clyne said.
"Our MLC and NAB wealth management business is a key area of growth for us and we are well positioned to respond to changes currently taking place in the wealth management market as a result of the financial crisis and regulatory reviews," he said.