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.
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