July 16, 2018 / 11:35 PM / 10 months ago

UPDATE 1-National Australia Bank names Geoff Lloyd as CEO of retirement fund manager MLC

(Adds NAB Group CEO quote, background)

July 17 (Reuters) - National Australia Bank Ltd said on Tuesday that Geoff Lloyd would be chief executive of MLC, its retirement fund manager, even as it looks to exit the business.

Lloyd has served as chief executive and managing director of financial services group Perpetual Ltd, NAB said in a statement.

“Geoff is a standout leader and the right person to lead through the transaction, establish a new standalone business and build it for the future,” NAB Group Chief Executive Officer Andrew Thorburn said in a statement.

Perpetual announced Lloyd’s departure in November last year. His appointment at MLC is effective Sept. 1.

In early May, NAB said it expected to either demerge and float MLC, or sell it by the end of 2019.

Reporting by Aaron Saldanha in Bengaluru; Editing by Stephen Coates

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