Project Description

Separating the wealth business

THE CLIENT PROBLEM

In May 2018, the NAB Group Board took the decision to exit MLC and its related wealth management businesses and create a new standalone wealth company. A large program was established to prepare MLC for separation, but an equally important stream of work was established to manage the separation of the entities being retained by NAB (including JBWere), and the impacts of the separation on NAB corporate functions and customer businesses.

REDCREW SOLUTION

RedCrew was asked to lead the program of work to bring back into the NAB the retained entities and manage the impacts on the NAB corporate functions and businesses. This required us to:

  • Develop a clear scope for the program and manage senior relationships to get the necessary environment in place for successful delivery;

  • Define the right delivery approach for the program stream and translate this into a realistic roadmap and route through to delivery of all the activities that needed to ‘start, stop, or change’ in NAB due to the separation;

  • Establish governance and controls so the right decisions were made at important points –  locally and at a program level;

  • Drive delivery, keeping it agile and smooth by managing integration across different functions and teams;

  • Manage the transition from program to business as usual, so the outcomes delivered from the change lasted.

BENEFITS DELIVERED

The successful and timely extraction of the retained entities and support functions from the MLC Wealth business, gave the buyer confidence that the wealth business was unencumbered by any retained entity remnants. This allowed for a clean trade sale negotiation between NAB and the buyer.

It also gave NAB executives the confidence that the outcomes delivered by the program would keep the bank safe from any post sale risks.

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