National Australia Bank, the only one of the big four banks not currently posting stellar profit results, has hired Deloitte to help sell its insurance business.
The bank is also considering options for its troubled UK business, including a public float.
The NAB’s cash profit dropped 9.8% to $5.18 billion for the 12 months to September after it took a $1.504 billion hit on its troubled UK business.
The result included $1.5 billion after tax in UK conduct provisions and other impairments.
The Australian Financial Review says Deloitte will lay the groundwork for the potential $1.4 billion sale of the bank’s beleaguered life insurance.
NAB is looking at various options including a partial or full sale, a joint venture, a re-insurance deal and the white-labelling of life insurance products.
A spokesman for NAB declined to comment.