Westpac to sell life business to Fidelity for $400m

Westpac NZ acting chief executive Simon Power says his bank will form a 15-year alliance with Fidelity Life. (Image supplied)

Jenny Ruth

Tue, 06 Jul 2021

Westpac is selling its New Zealand life insurance business for $400 million to Fidelity Life and its largest shareholder, the NZ Superannuation Fund, as well as new investor Ngāi Tahu Holdings.The sale is the latest in a trend which has seen the major Australian-owned banks shed non-banking operations, partly in reaction to the adverse findings of Australia's royal commission into financial institutions, to simplify their core operations.Westpac NZ's acting chief executive, Simon Power, said Fidelity Life is a leader in the country'...

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