Westpac to sell general insurance arm to Allianz for A$725m
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[BENGALURU] Westpac Banking Corp said on Wednesday it would sell its general insurance arm to German insurer Allianz for A$725 million (S$715.5 million), further trimming its portfolio to beef up capital and focus on core banking.
Australia's third-largest bank also said it would sign a 20-year exclusive agreement for Allianz to distribute general insurance products to Westpac customers.
REUTERS
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