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Australia's NAB to sell insurance stake to Nippon Life, divest British bank

National Australia Bank announces the sale of an 80 percent stake in its life insurance business to Japan's Nippon Life for US$1.7 billion and plans to divest troubled British asset Clydesdale BankNational Australia Bank on Wednesday announced the sale of an 80 percent stake in its insurance business to Japan’s Nippon Life for US$1.7 billion and outlined plans to divest troubled British asset Clydesdale Bank. The lender tabled the moves in posting a 19.7 percent lift in annual net profit to Aus$6.34 billion (US$4.56 billion) for the year to August 31 as it looks to bolster its balance sheet and provide a buffer to meet tougher regulatory requirements. The bank — in a trading halt since Tuesday with speculation rife that Nippon was taking a large stake in the life insurance business — confirmed the transaction for Aus$2.4 billion.

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