National Australia Bank Buys Aviva Australia Business
22 Giugno 2009 - 1:11AM
Dow Jones News
National Australia Bank Ltd. (NAB) said Monday that it has
agreed to buy Aviva PLC's (AV.LN) Australian wealth management
business for A$825 million.
The purchase is expected to add to earnings per share and return
on equity in its first full year after acquisition, excluding
estimated integration costs, the bank said in a statement.
Before completion, Aviva's Australia unit will pay a A$40
million dividend, National Australia said.
Australian newspapers had reported that National Australia had
been in a battle with others, including AMP Ltd. (AMP.AU), Tower
Australia Group. Ltd. (TAL.AU) and Macquarie Group (MQG.AU), to buy
the business.
U.K. insurer Aviva sold the unit to improve its capital base
after reporting annual GBP915 million net loss.
National Australia will buy Aviva Australia's life insurance and
Navigator investment platform operations but not its asset
management business.
The unit, which had earnings of A$60.7 million in the year to
Dec. 31, posted a 24% fall in life and pension sales in Australia
in its first fiscal quarter, mostly due to a product
withdrawal.
The sale was managed by Morgan Stanley and JPMorgan Chase &
Co.
The sale is subject to regulatory approvals and is expected to
be completed during the fourth quarter of this calendar year,
National Australia Bank said.
-By Andrew Harrison, Dow Jones Newswires; 61-3-9292-2095;
andrew.harrison@dowjones.com
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