Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, September 23, 2014

National Australia Bank weighing sale of insurance unit - sources, (NASDAQ: TBBK)

National Australia Bank, the country's fourth-biggest lender by market value, is weighing the sale of its insurance unit, which has been a drag on its earnings and capital, people familiar with the matter told Reuters.The sources said they estimate the value of the unit at about $800 million.Under new CEO Andrew Thorburn, NAB hopes to speed up the disposal of assets to help it focus on its Australia and New Zealand franchises. Last month, it announced plans to list its U.S. unit Great Western Bancorp Inc.Melbourne-based NAB, with a near $70 billion market value, is likely to test potential buyers' interest in the unit before deciding to launch any formal sale, the people said, adding that an advisor had yet to be appointed.

The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK fell by 3.0% or $-0.28/share to $9.05. In the past year, the shares have traded as low as $8.47 and as high as $20.24. On average, 423062 shares of TBBK exchange hands on a given day and today's volume is recorded at 434058.