NAB completes Aviva acquisition
The National Australia Bank (NAB) has completed its acquisition of Aviva Australia Holdings, leaving Aviva with a significantly reduced footprint in Australia.
The bank announced completion of the $825 million acquisition transaction late yesterday, but the chief executive of Aviva Investors in Australia, Craig Bingham, made clear that his company would be continuing to operate as a separate entity and it would be business as usual.
He said the transaction, which saw the bulk of the Aviva insurance and its related wealth management business acquired by NAB, had affected Aviva Investors' funds under management (FUM) but not its day-to-day operations in circumstances where it had always maintained administrative independence.
Bingham said while the transaction had impacted FUM, Aviva Investors was in discussion with NAB with respect to managing money for the group over the longer term.
In announcing the finalisation of the Aviva acquisition to the Australian Securities Exchange, NAB chief executive Cameron Clyne said it significantly enhanced the group's wealth offering.
He said it was also a strong strategic fit with the board's ambition to strengthen NAB's position as a leading provider in the wealth management segment.
AUTHOR
Mike Taylor
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