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BNZ s parent National Australia Bank agrees to sell BNZ Life to Partners Life for NZ$290 million

16th Dec 20, 5:18pm BNZ s parent National Australia Bank (NAB) has reached a deal to sell BNZ Life, its New Zealand life insurance business, to Partners Life for NZ$290 million. In a statement NAB says the deal involves BNZ entering an exclusive 10-year agreement for the referral of its customers wanting life insurance to Partners Life. On its website BNZ describes Partners Life as a New Zealand life insurance provider with an excellent credit rating and reputation. If you have a BNZ Life policy, you will receive more information over the coming months. There will be no changes to your policy up until the date of completion of the sale of BNZ Life to Partners Life. When the sale completes, Partners Life will acquire BNZ Life Insurance Limited and all policies will be insured by Partners Life, BNZ says.

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National Australia Bank sells NZ life insurance unit for $206 million

National Australia Bank sells NZ life insurance unit for $206 million Reuters 16/12/2020 © Reuters/David Gray FILE PHOTO: The logo of National Australia Bank is displayed outside the firm s headquarters in central Sydney (Reuters) - National Australia Bank on Wednesday said it had agreed to sell its New Zealand life insurance business to Partners Life for NZ$290 million ($206.10 million), as part of its strategy to increase capital and focus on core banking operations. Australian lenders have been on a selling spree, hiving off underperforming insurance assets to re-focus on lending operations and reduce regulatory troubles amid increased scrutiny into the sector after a series of scandals.

New zealandNew south walesRashmi ashokShri navaratnamGroup common equity tierNational australia bank ltd onNational australia bankDavid grayAustralia bank ltdPartners lifeCommon equity tierபுதியது ஜீலாந்துபுதியது தெற்கு வேல்ஸ்ரஷ்மி அசோக்திரு நவரட்னம்குழு பொதுவானது பங்கு அடுக்கு

National Australia Bank sells NZ life insurance unit for US$206m

National Australia Bank sells NZ life insurance unit for US$206m
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