Shares in NAB are in a trading halt amid reports it is about to sell a big piece of its life insurance business to Japan’s Nippon Life.
The deal could be as big as $2.5 billion for 80% of the life insurance business unit, according to Bloomberg which quoted a report in Japan’s Yomiuri Daily newspaper.
The bank says it expects to make an announcement by tomorrow about a “material transaction”.
“The trading halt is requested pending an announcement by NAB of an update in relation to a material transaction,”the bank told the ASX.
The NAB is in the process of exiting non-performing businesses and concentrating on Australia and New Zealand banking.
The most recent exit from an investment was the bank’s interest in the South Dakota-based Great Western Bank.
The bank has also raised $5.5 billion so it can float off its troubled UK banking business, Clydesdale.
The bank is due to release its full year results tomorrow. A cash profit of $6.291 billion, a rise of 21.3%, is expected.
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