Westpac to sell Australian life insurance unit for $660 million


FILE PHOTO: FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia’s Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo/File Photo

August 8, 2021

(Reuters) – Australia’s second largest lender Westpac Banking Corp said on Monday it is selling its Australian life insurance business to Japan’s Dai-ichi Life Holdings for A$900 million ($660 million).

($1 = 1.3637 Australian dollars)

(Reporting by Shashwat Awasthi and Riya Sharma; Editing by Muralikumar Anantharaman)

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