People familiar with the matter were quoted by Bloomberg as saying that NAB is working with JPMorgan Chase & Co on the potential divesture of the insurance business operated by its MLC unit.
However, the Australian lender has not taken a final decision to sell the division, the sources told the publication.
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National Australia’s chief executive officer Andrew Thorburn is offloading assets to concentrate on lending in Australia and New Zealand and boost returns.
The bank, which has contracted its British business, recently said that its full-year cash profit decreased by 14% due to writedowns and charges in the UK.
Upon completion of the proposed sale, the lender will continue to distribute life insurance policies under the MLC brand with the underwriting done by the new owner, the sources told the news portal.
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