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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  National Australia Bank Ltd.    NAB   AU000000NAB4

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AIA close to buying Commonwealth Bank of Australia's $4 billion insurance unit - sources

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09/20/2017 | 11:48am CEST
Pedestrians are reflected in a Commonwealth Bank of Australia logo which adorns the wall of a branch in Sydney, Australia

Hong Kong-based insurer AIA Group Ltd (>> AIA Group Ltd) is close to acquiring Commonwealth Bank of Australia's (CBA) (>> Commonwealth Bank of Australia) insurance business which is likely to be valued at nearly $4 billion (£2.95 billion), two people with direct knowledge of the matter said.

Hong Kong-based insurer AIA Group Ltd (>> AIA Group Ltd) is close to acquiring Commonwealth Bank of Australia's (CBA) (>> Commonwealth Bank of Australia) insurance business which is likely to be valued at nearly $4 billion (£2.95 billion), two people with direct knowledge of the matter said.

An announcement on the transaction is expected to be made as soon as this week, the people said, declining to be named as they were not authorised to talk about it before a public announcement.

Spokesmen for AIA and CBA declined to comment.

CBA said last month it was in talks to sell its life insurance business, although it did not name any potential buyer and added that the outcome of the negotiations was uncertain.

Australia has become an attractive market for foreign insurers since the population and economy are growing faster than in most other developed markets and the regulatory regime is stable, analysts have said.

Domestic banks' insurance units have also struggled amid growing competition from the pure-play and large foreign insurance companies and due to new regulations demanding increased capital buffers for their main banking operations.

That's prompted a sector-wide sell-off of such assets.

Reuters reported on Friday that Zurich Insurance Group AG (>> Zurich Insurance Group) bid for Australia and New Zealand Banking Group's (>> Australia and New Zealand Banking Group) life insurance and wealth business, valued at about $3 billion, citing sources who declined to be named as they were not allowed to discuss the deal publicly.

National Australia Bank (>> National Australia Bank Ltd.), the country's No.3 lender by assets, sold its 80 percent stake in its life insurance arm to Japan's Nippon Life <NPNLI.UL> for A$2.4 billion ($1.9 billion) in a deal that closed late last year.

(Reporting by Sumeet Chatterjee Additional reporting by Tom Westbrook; Editing by Muralikumar Anantharaman)

By Sumeet Chatterjee

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Financials ( AUD)
Sales 2017 17 893 M
EBIT 2017 9 934 M
Net income 2017 6 413 M
Debt 2017 -
Yield 2017 6,32%
P/E ratio 2017 13,45
P/E ratio 2018 12,71
Capi. / Sales 2017 4,67x
Capi. / Sales 2018 4,50x
Capitalization 83 625 M
Chart NATIONAL AUSTRALIA BANK LT
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National Australia Bank Lt Technical Analysis Chart | NAB | AU000000NAB4 | 4-Traders
Technical analysis trends NATIONAL AUSTRALIA BANK LT
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 33,2  AUD
Spread / Average Target 6,6%
EPS Revisions
Managers
NameTitle
Andrew Gregory Thorburn Group CEO, Director & Managing Director
Kenneth Ross Henry Chairman
Anthony J. Cahill Co-Chief Operating Officer
Patrick C. Wright Chief Operating & Technology Officer
Gary Lennon Group Executive-Finance
Sector and Competitors
1st jan.Capitalization (M$)
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