NAB sells Asian insurance assets to AXA

National Australia Bank offloads its Hong Kong and Indonesian insurance businesses for A$575 million.
May 10, 2006
In another step towards rationalising its Asian businesses, National Australia Bank has sold its insurance assets in Hong Kong and Indonesia to AXA Asia-Pacific.

The A$575 million sale of MLC Hong Kong and MLC Indonesia cleared regulatory hurdles on Wednesday, bringing to a close a deal that was signed in February.

NAB says it will continue to develop its financial services businesses in Hong Kong, Singapore and Japan based on premium banking, wealth management and corporate banking.

AXA Asia-Pacific is calling the deal a strategic success. ôLife insurance margins in Hong Kong are very attractive and, with high savings ratios there is considerable growth potential for life insurance, investment products and wealth management,ö says Les...
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