NAB shares halted, Nippon Life to buy 80% of life insurance business
Baillieu Holst Ltd
National Australia Bank has been placed in a trading halt amid reports that Nippon Life will buy about 80 % of the bank's life insurance business. Japanese news outlet Yomiuri reported Nippon would own about 80 per cent of the unit, according to Bloomberg. In its request for a trading halt, which NAB expects to last until tomorrow, NAB said it would soon make an announcement on a "material transaction." Earlier this month the bank said it entered into an unspecified agreement with Nippon Life Company of Japan "with a view to entering a long-term partnership in life insurance product manufacturing" that could improve returns in NAB's underperforming wealth business. NAB's announcement follows a report in Street Talk in June that revealed the bank was in talks to offload its life insurance arm to Nippon. NAB's shares closed on Monday at $32.42 a share.
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