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Australia's IOOF to buy NAB's wealth unit for $1.1 billion

Aug 31 (Reuters) - Wealth manager IOOF Holdings Ltd said on Monday it would acquire National Australia Bank Ltd’s wealth management business for A$1.44 billion ($1.06 billion).

The acquisition was expected to deliver A$150 million of pre-tax cost savings and was expected to be completed before June 30, 2021, the company said in a statement. ($1 = 1.3574 Australian dollars) (Reporting by Rashmi Ashok in Bengaluru; Editing by Kim Coghill)

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