FXStreet (Bali) – National Australia Bank has been placed in a trading halt as reports emerge that Nippon Life will buy roughly 80 per cent of the bank’s life insurance business for 220 billion yen ($2.5 billion), reports Clancy Yeates, banking reporters for Sydney Morning Herald.
Clancy expands: “Japanese news outlet Yomiuri reported Nippon would own about 80 per cent of the unit, according to Bloomberg. In its request for a trading halt, which NAB expects to last until tomorrow, NAB said it would soon make an announcement on a “material transaction.”
(Market News Provided by FXstreet)