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National Australia Bank sells UK life subsidiary

Date: Thu, 04 Dec 03 Analysis

LONDON, UK - National Australia Bank has today confirmed it has sold its UK life insurance subsidiary to Century Life plc.

The sale of National Australia Life Company Limited follows the NAB's strategic partnership with UK insurers Legal & General earlier this year, with the UK company now providing insurance products to customers at NAB's three British-based banks.

Chief executive of NAB's European operations, John Stewart, said he expected the sale of NAL to bring “greater focus to the bank's core capabilities of customer relationship management and distribution,' and drive real value from its strategic alliance with Legal & General.

Head of the National's European life insurance operations, Annette Petchey, said: “Legal & General are one of the UK's strongest life insurance brands and our agreement with them enables us to offer our customers a flexible and competitive suite of products backed up by superb customer service.'

The sale is expected to be completed on December 31st 2003 while the sale price has not been disclosed.

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