SYDNEY (Reuters) – KKR & Co Inc (KKR.N) and Apollo World Administration Inc (APO.N) are amongst potential consumers which have performed due diligence on Nationwide Australia Bank’s (NAB.AX) wealth administration unit, three sources conversant in matter informed Reuters. FILE PHOTO: The Nationwide Australia Bank Brand is seen on a department in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File PhotoThe sale of the unit, known as MLC, might fetch greater than A$1 billion ($688 million), stated two of the sources, who declined to be recognized because the negotiations are non-public. KKR’s curiosity comes on the heels of an settlement in May to pay A$1.7 billion for 55% of the Commonwealth Bank of Australia’s (CBA.AX) wealth unit, Colonial First State. Spokeswomen for KKR and NAB declined to remark. Representatives for Apollo didn’t instantly reply to a request for remark outdoors of standard enterprise hours. Suitors are anticipated to submit bids for MLC by Tuesday, one of many sources stated. A second supply stated the timeline for the sale was fluid. NAB, Australia’s third largest bank, determined to divest its wealth administration unit in 2018, however the plan has been delayed by a administration overhaul and a particular government-appointed inquiry into the monetary providers sector that discovered industry-wide misconduct. It appointed Morgan Stanley (MS.N) and Macquarie Group (MQG.AX) to deal with the sale of the unit, which manages over A$120 billion in funds. The unit had an working margin of 0.46% within the six months to March, firm paperwork present. Blackstone Group (BX.N) additionally expressed early curiosity in MLC, two of the sources stated, though it was not instantly clear whether it is nonetheless . A spokeswoman for Blackstone declined to remark. A string of scandals and the findings of the year-long monetary sector inquiry that led to February 2019 have prompted Australia’s greatest banks to deal with core companies and divest wealth administration and insurance coverage models. Reporting by Paulina Duran in Sydney; Modifying by Edwina GibbsOur Requirements:The Thomson Reuters Belief Rules.