VENTURE CAPITAL POST

Joyce Phillips, head of Australia & New Zealand Banking Group's wealth management business, is stepping down from the bank after a restructure of wealth business. The restructuring move will reduce the bank's expenses.

Iluka Resources said it will cease production in zircon operation at Jacinth-Ambrosia project in South Australia following fall in zircon prices. The company's decision will positively impact the global market.

National Australia Bank posted an 8% increase in its quarterly cash profit helped by robust results in wealth sector and rise in lending volumes.

Brent crude oil hit a fresh five-year low close to $60 a barrel on Monday after producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to around $63.

National Australia Bank (NAB.AX) is considering the sale of its life insurance unit worth an estimated $800 million, seeking to boost earnings and returns on capital, people familiar with the matter told Reuters.

The U.S. dollar was holding broad-based gains in Asia on Tuesday in a boon for shares of Japanese exporters but a burden for oil, gold and stocks in the energy majors.

National Australia Bank is looking at a possible partnership with Wells Fargo & Co. to bring Australians to the US term loan B instruments.