NAB buys Aviva wealth management operations
National Australia Bank has agreed to acquire Aviva Australia Holdings' wealth management business, including its life insurance operations and investment platform Navigator, for $825 million.
The acquisition was confirmed to the Australian Securities Exchange today, with NAB saying it was expected to be earnings per share and returns on equity accretive in the first full year.
NAB chief executive Cameron Clyne said the acquisition would enhance the company’s key wealth management segments, including insurance and investment platforms.
For more on this story click here.
AUTHOR
Mike Taylor
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
