Saturday, November 18, 2017

NAB completes sale of life unit to Nippon Life

After completing the sale of 80% of its life insurance business to Nippon Life for A$2.4 billion (US$1.8 billion), National Australia Bank (NAB) expects a loss of between A$1.2 billion and A$1.3 billion on the deal.

The bank said the complete financial details of the sale will be incorporated in its full-year results due on 27 October.

NAB chief executive Andrew Thorburn said the recent transaction marks the end of NAB’s divestment of its non-core assets and it will enable the bank to focus totally on its core business in Australia and New Zealand.

NAB will maintain a 20% stake in the life insurance business, entering into a partnership with the Japanese insurer that will continue over the next 20 years at least.

 

 

 

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