TOKYO, Oct 27 (Reuters) - Japan's Nippon Life Insurance Company has agreed to buy 80 percent of National Australia Bank's NAB.AX life insurance unit for about 200 billion yen ($1.65 billion), a source with direct knowledge of the matter told Reuters.
Earlier in the day, NAB, Australia's No.1 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. ($1 = 120.8800 yen)