Streamlining ops: A man walks past the NAB headquarters in Melbourne. The sale of BNZ Life to Partners Life would result in an increase in the NAB Group’s Common Equity Tier 1 ratio by 6 basis points. — AFP
SYDNEY: National Australia Bank (NAB) said it had agreed to sell its New Zealand life insurance business to Partners Life for NZ$290mil (US$206.1mil), 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.
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