National Australia Bank's wealth management division, MLC, is on the hunt for a third party provider as it is possibly considering outsourcing its IT and back office services that includes technology, portfolio management, credit control, and its self-managed super funds.
Fairfax Media claims it understands NAB sent an expression of interest to 10 potential tech suppliers, including IBM, Accenture, HCL Technologies, and Wipro.
The consideration by NAB to outsource its IT services is due to MLC being considered to be an underperformer and it is looking at options to restructure its operations, the Australian Financial Review has reported.
Declining to comment on any specific details, a NAB spokesperson told ZDNet that reassessing its operation structure is just business as usual.
"We have had limited outsourcing programs over the past four years, but in a business this size we will always have projects rolling off and new ones beginning," the spokesperson said.
"We have continually assessed our business operations and will continue to work with third party suppliers to see if we can identify whether there are opportunities to optimise and improve arrangements that can further benefit our customers."
The spokesperson also said: "The work is ongoing and there has been no decision to change current arrangements."
At the end of last year, David Boyle joined the bank as the chief information officer role, following the departure of Denis McGee. Boyle has been responsbile for taking lead on the bank's AU$200 million NextGen core banking platform transformation that has since helped boost NAB's cash profit by 9 percent during the 2013 financial year.