0040 GMT - National Australia Bank's sale of its remaining stake in MLC Life Insurance is unlikely to have any impact on key investment decisions at the lender, Morgan Stanley analyst Richard E. Wiles says. He writes in a note that the A$500 million sale of the 20% stake to Japan's Nippon Life is consistent with NAB's strategy and will have no material impact on cash earnings. Wiles reckons that the sale will lift NAB's CET 1 capital ratio to a pro-forma 12.3%, implying A$3.4 billion of excess capital. He assumes that NAB will dedicate A$3 billion of this to further share buybacks. MS has an overweight rating and an A$38.40 target price on the stock, which is up 0.1% at A$37.64. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 11, 2024 19:40 ET (00:40 GMT)
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