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Japan's Nippon agrees to buy NAB's life unit for $1.7 bln-source

Published 27/10/2015, 11:31 am
© Reuters.  Japan's Nippon agrees to buy NAB's life unit for $1.7 bln-source
NAB
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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)

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