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Commerce Commission: No issues for Sovereign

The Commerce Commission has signalled it sees no problems with AIA’s move to buy Sovereign in New Zealand.

Thursday, October 26th 2017, 1:53PM

It was revealed last month that the insurer would buy CommInsure in Australia and Sovereign in New Zealand from the Commonwealth Bank of Australia, in a deal worth $4.15 billion for the two businesses.

The deal required regulatory approval in New Zealand and Australia.

A spokeswoman for the Commerce Commission said the parties had notified it about the merger.

“We have made some initial inquiries and we are not currently seeking to review it further.”

 The Reserve Bank would not comment on whether it had reached a decision.

Tags: AIA commerce commission Reserve Bank Sovereign

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