NAB in talks with Nippon Life

NAB in talks with Nippon Life

NAB has signed a non-binding memorandum of understanding with Japanese life insurer Nippon Life as the bank looks to improve the returns in its wealth management business.


In a statement to the ASX yesterday, NAB confirmed it was undergoing talks with Nippon Life Insurance Company "with a view to entering a long-term partnership in life insurance product manufacturing".

"Discussions between NAB and Nippon Life are ongoing, however nothing has been decided, and any potential future transaction is uncertain and subject to regulatory approvals," said the statement.

NAB chief executive  Andrew Thorburn said NAB had been evaluating "a number of options to improve returns in the wealth business".

"We have been exploring a potential partnership with the NAB Wealth insurance manufacturing business through the formation of a strategic partnership with major global insurance company Nippon Life," Mr Thorburn said.

"We are committed to providing banking and wealth solutions for our customers and Nippon Life shares our passion for the customer and we are pleased to pursue how a partnership could enhance the experience for our customers."

 

NAB in talks with Nippon Life
investordaily image
ID logo
promoted stories

Appointments

investordaily image

AMP names incoming chief risk officer

Jessica Yun

investordaily image

Antares Equities hires new director

Staff Reporter

Brad Fox

Former AFA CEO appointed to boutique board

Staff Reporter

Analysis

investordaily image

Warning lights flashing on Aussie equities

Roy Maslen

investordaily image

What’s in store for the economy in 2018?

Frank Uhlenbruch

ST Wong

Busting common passive investing myths

ST Wong