Login or request a free trial

NAB sells NZ life business

NAB will sell its New Zealand life insurance business, BNZ Life, to NZ life insurer Partners Life.

The bank announced yesterday that it has entered into an agreement to sell the business for NZ$290 million.

BNZ will enter into an exclusive 10-year referral agreement with Partners, subject to Partners meeting agreed operating standards.

The sale is expected to increase NAB’s common equity tier 1 capital ratio by six basis points.

 

 

I'm a returning subscriber

Password reset
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day