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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
Add BT as a preferred sourcePublished Wed, Oct 28, 2015 · 09:50 PM
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Sydney
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 lift in annual net profit to A$6.34 billion (S$6.31 billion) for the year to Aug 31 as it looks to bolster its balance sheet and provide a buffer to meet tougher regulatory requirements.
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