National Australia Bank Ltd. (NAB) said Thursday that it has agreed terms with AXA Asia Pacific Holdings Ltd. (AXA.AU) to buy AXA's Australian and New Zealand operations.

No further details were immediately available.

News of the deal was contained in an email on a teleconference planned by the bank to outline the offer.

A spokeswoman for AXA APH declined to comment and a spokesman for the bank also wouldn't comment further.

-By Iain McDonald, Dow Jones Newswires; 61-2-8272-4681; iain.mcdonald@dowjones.com
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