Australia & New Zealand Banking Group Ltd. has started looking for potential buyers for its life insurance business in New Zealand, the Australian Financial Review's Street Talk blog reported March 7, citing an internal memo sent to staff.
The bank decided to engage in talks with a number of parties to assess their interest in acquiring the life insurance business, which unnamed sources said may be priced from A$700 million to A$900 million.
The talks may not necessarily lead to a sale, ANZ's wealth managing director for New Zealand Craig Mulholland noted in the memo.
In August 2017, the publication reported that the bank hired boutique adviser Flagstaff Partners to help them measure strategic options for the life insurance division.
The move comes after ANZ called off a deal to sell UDC Finance Ltd. to Chinese conglomerate HNA Group Co. Ltd. in January.
The Australian bank also agreed to sell its Australian life insurance business, OnePath Life Ltd., to Zurich Insurance Group AG for US$2.14 billion in December 2017.
- Author
- Regina Liezl Gambe
- Theme
- BankingInsurance
