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MMC Contrarian has received regulatory approval of its acquisition of MBF Life and Clearview Retirement Solutions from BUPA Australia, which is set to be completed by 11 June.
In March this year, MMC announced it had signed agreements with BUPA to acquire its life insurance and wealth management businesses pending MMC shareholder and regulatory approval.
As part of the agreement, BUPA will maintain a stake in the performance of the company due to a 10-year distribution arrangement that ensures the ongoing sale of life risk and wealth management products to BUPA’s customers and the sale of private health insurance to MMC’s customers.
MMC also announced it would change its name to Clearview Wealth Limited following the acquisition.
