ING doing due diligence in National Bank Life
The National Bank of New Zealand’s life insurance business has been offered to ING.
Wednesday, June 9th 2004, 11:31PM
A potential sale of the life business was signalled in Australia in March with the ANZ acknowledging it may be obliged to on sell the business under the terms of its joint venture with insurer ING. ING Australia is 51% owned by the Dutch firm ING Group and 49% by the ANZ.
NBNZ spokesperson Cynthia Brophy says the obligation under the terms of the JV prospectus has been confirmed.
Brophy’s counterpart at ING confirms that due diligence is taking place, but he says no decision has been made.
Back in March ING Australia’s chief executive Paul Bedbrook told The Australian Financial Review that NBNZ Life is certainly a business worth looking at.
NBNZ’s life business generated a profit of $13 million in 2002 and is expected to be valued at around $100 million.
ING Australia recently purchased another New Zealand life insurer, Club Life, and has indicated it is interested in expanding in the New Zealand market.
ING Australia is one of Australia’s biggest fund managers and life insurers with more than A$38 billion in assets under management.
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