ASX Announcement - NAB Sells BNZ Investment Management - 30 November 2005

National Australia Bank Limited today announced that it has agreed to sell its subsidiary, BNZ Investment Management Limited, which carries on National's managed funds business in New Zealand to Assure New Zealand Limited, a wholly owned subsidiary of AXA Asia Pacific Holdings Limited.  The sale is subject to certain conditions, and is due for settlement on 31 January 2006. 

A key element of the transaction is a new arrangement between Bank of New Zealand and Assure, under which Bank of New Zealand will distribute Assure's managed fund products to the Bank's retail customers.
 
The sale price is commercial in confidence, but is not material to the National Group's operations.

For further information:

Brandon Phillips
Group Manager, External Relations
03 8641 3857 work
0419 369 058 mobile

Hany Messieh
Group Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile