NAB sale of MLC Asia businesses complete
(10 May 2006 – Hong Kong/Indonesia) National Australia Bank has completed the sale of its MLC life insurance businesses in Hong Kong and Indonesia to AXA Asia Pacific for A$575 million having received regulatory approval.
The sale was originally announced on 21 February 2006.
At the time, NAB managing director and group chief executive John Stewart said the deal would have no bearing on the bank’s MLC wealth management business in Australia.
Stewart said the sale of the businesses to AXA formed part of the bank’s ongoing review of its different business divisions. This review saw NAB sell its Custom Fleet business to GE Commercial Finance this week for A$550 million.
In March, NAB sold its BNZ Investment Management Ltd to Assure New Zealand Ltd, which is a wholly owned subsidiary of AXA Pacific Holdings.
At the time, NAB managing director and group chief executive John Stewart said the deal would have no bearing on the bank’s MLC wealth management business in Australia.
Stewart said the sale of the businesses to AXA formed part of the bank’s ongoing review of its different business divisions. This review saw NAB sell its Custom Fleet business to GE Commercial Finance this week for A$550 million.
In March, NAB sold its BNZ Investment Management Ltd to Assure New Zealand Ltd, which is a wholly owned subsidiary of AXA Pacific Holdings.
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