National Australia Bank Limited
(ASX:NAB) has entered into a non-binding Memorandum of Understanding with Japanese Nippon Life Insurance Company.
NAB Group CEO Andrew Thorburn said the company had been evaluating a number of options to improve returns in the wealth business.
Mr Thorburn said the financial institution had 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.
Discussions between NAB and Nippon Life are ongoing. NAB noted that no final decisions have been made and any potential future transaction is uncertain and subject to regulatory approvals.
NAB recorded a net profit of $3.46 billion at 31 March 2015.
