The bank announced the move yesterday morning via the ASX, along with its full-year profit of $6.34 billion, which is up from 19.7 per cent on last year.
NAB group chief executive Andrew Thorburn said the move will drive a closer relationship between NAB’s banking and wealth businesses.
NAB also announced it has agreed to sell 80 per cent of its life insurance business to big Japanese insurer Nippon Life.
The sale will see the Japanese insurer purchase the life insurance business for $2.4 billion, while NAB will retain 20 per cent of the business.
NAB will retain ownership of its existing investments business, which includes superannuation, platforms, advice and wealth management.
According to NAB, the economic risks and benefits of 80 per cent ownership will pass on to Nippon Life from 28 October.
NAB will retain responsibility for the management of the life insurance business until the completion of the sale.