The NAB wealth management arm, MLC, is reported to be investigating outsourcing its IT and back office services which would mean hundreds of those in internal teams get moved across to an external provider.

In a bid to restructure its operations, NAB has been reviewing options as the division has long been considered an underperformer since it was acquired in 2000 for $4.6 billion from Lend Lease.

Potential suppliers that have been sent the “expression of interest” include incumbent providers Accenture, Genpact, IBM and Tech Mahindra, plus another six additional companies have been identified including Tata Consultancy Services, HCL Technologies and Wipro.

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