Australia's Westpac Banking Corporation has confirmed it is to sell its general insurance division to Germany's Allianz in a transaction worth US$535m. Allianz has secured a 20-year exclusive access agreement to Westpac clients as part of the deal, which will boost the German multinational's footprint in Australia. Allianz is already one of the five largest insurers in the country, according to Reuters. Allianz initially signed a bancassurance deal with Westpac in 2015. Commenting o...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
