Completion of Suncorp life sale to TAL delayed

13 November 2018by Mike Taylor
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Westpac Group has announced the completion of a partial sell-down of its stake in BT Investment Management.

Suncorp expects to complete the sale of its life insurance business to TAL around the end of February, next year.

The company announced to the Australian Securities Exchange (ASX) today that it was targeting 28 February as the completion date for the sale of the business after signing a share sale deed with Tal Dai-Ichi Life Australia Pty Ltd on 4 September with a completion date of 31 December.

The announcement said the new date reflected Suncorp’s latest expectation regarding the timing of regulatory approvals for the transaction.

It said the extraordinary general meeting to seek shareholder approval for the pro-rata return of capital and share consolidation, previously proposed for 13 December, wold now be held after completion of the transaction occurred.

Read more about:: insurance; Suncorp; TAL; life insurance; ASX; australian securities exchange; sale; Tal Dai-Ichi Life Australia; regulatory approval; transaction; extraordinary general meeting; shareholder approval

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Mike Taylor

Mike Taylor is Managing Editor of the financial services publications Money Management and Super Review. He has been a journalist for the past 41 years with a career spanning coverage of financial services, federal and state politics and industrial relations.