Blog
Blog
Blog
Blog
9 Dec, 2020 Author Ranina Sanglap
Westpac Banking Corp. s planned sale of its general insurance business marks among the final steps by major Australian lenders to exit noncore businesses as they sharpen focus on their main banking operations.
After Westpac completes its A$725 million deal to sell the business to Allianz SE in mid-2021, Commonwealth Bank of Australia may remain the only bank among the Australian big four to still have a general insurance arm. CBA too has said in the past that it is reviewing its businesses, including selling its general insurance operations.
In June,
The Australian Financial Review reported that Goldman Sachs is helping the bank prepare for a potential sale and pitch the business to interested buyers. CBA had said in 2018 that it was looking into a potential sale or partnership of the general insurance business as part of its efforts to sell its noncore businesses.