The bank announced the sale this morning via the ASX.
The sale will see the Japanese insurer purchase the business for $2.4 billion, while NAB will retain 20 per cent of the business.
According to NAB, the economic risks and benefits of 80 per cent ownership will pass on to Nippon Life from 28 October.
NAB will retain responsibility for the management of the life insurance business until the completion of the sale.
More to follow.
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The question remains…will MLC’s administration improve???
Why couldn’t the AFA and FPA have done an 80/20 deal for Risk Advisers and lets not forget the BIG 3!