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By Charlotte Grieve Westpac has today announced the sale of its insurance business to Allianz has been finalised, as the big four banks continue to simplify operations and return to traditional banking. Westpac announced its intention to sell its general insurance business in December last year and has now completed the sale to Allianz for $725 million, which involves a 20-year agreement for the distribution of general insurance products to Westpac’s customers. Westpac chief executive Peter King. Credit:Jessica Hromas A further $25 million is expected to be received by Westpac this calendar, the bank said, subject to a number of integration milestones.

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