NAB UK forges alliance with AXA
(25 May 2004 – UK) National Australia Bank’s UK operation has struck a strategic alliance with French based insurance company AXA.
NAB will offer its customers AXA commercial insurance products through its Northern England banks, Clydesdale, Yorkshire and Northern.
NAB chief executive of wealth management, Garry Mulcahy, said he anticipated that employees working in the bank’s commercial insurance division would move across to AXA.
"The agreement with AXA is another step in our aim in the UK to drive organic growth from strategic alliances in our insurance operations," he said.
Mulcahy said the bank had launched new home and motoring offerings as well as life insurance, and mortgage and critical illness protection over the past year.
NAB formed an alliance with Legal & General last year to offer life insurance and income protection products. The bank also formed an alliance with Junction to provide product and administration products.
In further news, NAB has launched a 10 year minimum A$500 million subordinated debt issue.
The deal forms part of a $3.2 billion capital raising aimed at meeting new regulatory capital adequacy levels.
Some $2 billion of the money raised will be in subordinated debt divided into US and Australian dollars, and euros.
NAB chief executive of wealth management, Garry Mulcahy, said he anticipated that employees working in the bank’s commercial insurance division would move across to AXA.
"The agreement with AXA is another step in our aim in the UK to drive organic growth from strategic alliances in our insurance operations," he said.
Mulcahy said the bank had launched new home and motoring offerings as well as life insurance, and mortgage and critical illness protection over the past year.
NAB formed an alliance with Legal & General last year to offer life insurance and income protection products. The bank also formed an alliance with Junction to provide product and administration products.
In further news, NAB has launched a 10 year minimum A$500 million subordinated debt issue.
The deal forms part of a $3.2 billion capital raising aimed at meeting new regulatory capital adequacy levels.
Some $2 billion of the money raised will be in subordinated debt divided into US and Australian dollars, and euros.
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