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."