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

It also reports 19.7% rise in annual net profit to A$6.34b for the year


NATIONAL Australia Bank on Wednesday announced the sale of an 80 per cent 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 per cent