NAB Agrees to NZ$290 Million Sale of BNZ Life Insurance Business
By David Winning
SYDNEY--National Australia Bank Ltd. said it has agreed to the
sale of its New Zealand life insurance business, as it focuses more
heavily on its core banking divisions.
NAB said it has agreed to sell BNZ Life to New Zealand life
insurance provider Partners Life for 290 million New Zealand
dollars (US$206.1 million), anticipating the deal will complete in
late 2021. The transaction is forecast to increase NAB's CET1 ratio
by six basis points.
"As part of the sale, BNZ will also enter into an exclusive
10-year agreement for the referral of BNZ's customers with life
insurance needs to Partners Life, subject to Partners Life
continuing to meet agreed operating standards," NAB said in a
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(END) Dow Jones Newswires
December 15, 2020 23:18 ET (04:18 GMT)
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