NAB poised to sell Your Prosperity
01 July 2003 | 2794 views | 0
National Australia Bank has reportedly engaged Merrill Lynch to find a buyer for its loss-making online trading operation yourprosperity.com.au.
Your Prosperity offers managed funds, share trading and super trust businesses and has about $300 million under advice.
Reports in the Australian financial press suggest the business has been under review for several months. According to the latest NAB accounts, the online operation has recorded losses of over A$40 million since its launch in June 1998.
The bank has refused to comment on the market speculation.