2016 was an extraordinary year for NAB Legal. NAB Legal was integral to transactions (big and small) for the benefit of NAB’s customers and two transformational deals that reshaped NAB for future success. NAB Wealth Transformation Program the deal involved a $2.4 billion sale of 80% of NAB’s life insurance business (MLC Limited) to Nippon Life and the negotiation of a joint venture and 20 year distribution agreement. This deal required an extensive corporate restructure to extract and rebuild NAB’s superannuation and investments business outside of MLC. The deal presented unique challenges including obtaining multiple board and regulator approvals for the merger of 5 existing NAB superannuation funds into Australia’s largest retail superannuation fund. This deal enables NAB to invest $300M to simplify and improve wealth offerings to customers, resulting in improving returns for NAB shareholders. Demerger & IPO of Clydesdale & Yorkshire Bank (CYBG) CYBG operated NAB’s UK banking business. The demerger involved distribution CYBG’s shares through a scheme of arrangement and simultaneous IPO of the remaining shares, and the listing of CYBG on the London and Australian exchanges. The transaction was well received by NAB’s shareholders (98% favourable). CYBG is a now a $4.25 billion standalone bank and the UK's largest full-service challenger bank. As part of the demerger, NAB collaborated with ShareGift Australia to enable holders of small parcels of CYBG shares to donate their CYBG shares to charity. This was the first time philanthropic giving was structured directly into a sale facility like this in Australia.