National Australia Bank is in talks about teaming up with Japan's Nippon Life Insurance Company to produce life insurance products.
NAB has entered into a non-binding memorandum of understanding with Nippon, Japan's biggest life insurer, but the bank says talks are ongoing and nothing has been decided.
NAB chief executive Andrew Thorburn said the talks come as NAB evaluates a number of options to improve returns in the wealth business.
Bloomberg reported that Nippon may pay 200 billion yen to 300 billion yen to buy NAB's life insurance business, with a deal expected to be announced later in October.
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