UPDATE 1-National Australia Bank explores tie-up with Japan's Nippon Life

October 14, 2015 11:50 PM

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* NAB shares down 0.5 pct in firm Australian market (Adds analyst comment, industry context, shares)

SYDNEY, Oct 15 (Reuters) - National Australia Bank on Thursday said it is exploring a long-term partnership with Japan's Nippon Life Insurance Company, as Australia's No.1 lender by assets looks to improve returns in its wealth business.

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