Colonial offloads UK businesses
Colonial has finally offloaded its United Kingdom life insurance and pensions business to Swiss insurance group Winterthur for $891 million.
Colonial has finally offloaded its United Kingdom life insurance and pensions business to Swiss insurance group Winterthur for $891 million.
The conclusion of the long-mooted sale clears the decks ahead of the imminent takeover of the group by the Commonwealth Bank.
"After considering the full range of options available to the business, including acquisition, di-vestment represents the most effective means of delivering value from this asset," says chief ex-ecutive Peter Smedley.
"Colonial's focus in the United Kingdom will now be centred on growing its international funds management business, Colonial Stewart Ivory Investments," Smedley says.
Smedley says Colonial Stewart Ivory will retain a contract to manage $9.35 billion of life and pension fund investments for Winterthur.
"In addition, Colonial Stewart Ivory Investments has reached an agreement to support the devel-opment and ultimate management of a full range of retail investment products for Winterthur," he says.
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