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Bloomberg
Westpac Banking Corp has agreed to sell its life insurance unit to Dai-ichi Life Holdings Inc’s Australian subsidiary TAL for $660 million as Australia’s second-largest lender continues to jettison non-core assets to focus on lending.
The completion of the transaction, confirming an earlier Bloomberg report, is expected to happen in the second half of next year, Westpac said. Under the agreement, Westpac will enter a 20-year exclusive strategic alliance with TAL to provide the bank’s customers with life insurance products. “This transaction is another step in simplifying the bank while continuing to help customers with their life insurance needs,†Jason Yetton, Westpac’s specialist businesses and group strategy head, said.