Reserve Bank clears IAG Lumley takeover

Fri, 06 Jun 2014

By Suze Metherell June 6 (BusinessDesk) - The Reserve Bank has approved Insurance Australia Group to buy Wesfarmer’s Lumley General Insurance unit, which would give New Zealand’s biggest general insurer a boost to market share. New Zealand's Reserve Bank it was satisfied Lumley will continue to meet licensing criteria under IAG ownership, it said in a statement. The central bank's sign-off was the final hurdle in the New Zealand regulatory approval process, and IAG is now waiting on the Australian Prudential Regulation Authority and the F...

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