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Japan's Nippon agrees to buy NAB's life unit for US$1.7b

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Japan's Nippon Life Insurance Company has agreed to buy 80 per cent of National Australia Bank's life insurance unit for about 200 billion yen (US$1.65 billion), a source with direct knowledge of the matter told Reuters.

[TOKYO] Japan's Nippon Life Insurance Company has agreed to buy 80 per cent of National Australia Bank's life insurance unit for about 200 billion yen (US$1.65 billion), a source with direct knowledge of the matter told Reuters.

Earlier in the day, NAB, Australia's No1 lender by assets, placed its shares on a trading halt ahead of an announcement of a "material transaction".

An announcement on the sale of NAB's insurance unit is expected on Wednesday when the lender announces full-year earnings, the source, who could not be identified, added.

REUTERS