National Australia Bank is understood to be close to agreement with Citigroup to buy its retail broking arm. If successful, the deal would give the banks network of 800 MLC financial planners an equities platform. Both NAB and Citigroup have declined to comment, although sources say NAB was concerned by the Commonwealth Bank's purchase of online brokerage IWL last year. Westpac has been making moves of its own to bolster its margin lending business. The bank approached Merrill Lynch's entire margin lending team of 14 people with inducements to switch employer last week. It is not yet known how many people have agreed to the move, with a Merrill spokesman saying last night that nothing had been finalised about departures and that the situation would not affect its wealth management operations.
Source : The Australian / The Australian Financial Review
