(21 February 2006 – Australia) National Australia Bank will sell its MLC life insurance businesses in Hong Kong and Indonesia to AXA Asia Pacific for A$575 million.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.
He said NAB would continue to develop its wealth management, premium and corporate banking businesses in Hong Kong, Singapore and Japan.
Stewart said the sale of the businesses to AXA formed part of the bank’s ongoing review of its different business divisions.
Last month, the bank completed the sale of its BNZ Investment Management Ltd to Assure New Zealand Ltd, which is a wholly owned subsidiary of Axa Pacific Holdings.
The price of the deal in New Zealand was not revealed but NAB said neither sale to AXA Pacific would impact the group’s bottom line.
Stewart said NAB wanted to focus on areas where the bank had core capabilities and could create sustainable shareholder value.
“The sale allows us to consolidate our banking and wealth management businesses in Asia,” he said.
NAB said employees of MLC Hong Kong and MLC Indonesia would move to AXA Pacific.