Russell McVeagh advises BNZ, NAB on sale of life insurance business

The $290m deal will see Partners Life take over BNZ Life Insurance Limited

Russell McVeagh advises BNZ, NAB on sale of life insurance business
Dan Jones

Russell McVeagh has advised National Australia Bank Limited (NAB) and Bank of New Zealand (BNZ) on the sale of BNZ Life Insurance Limited, NAB Group’s New Zealand life insurance business, to local insurer Partners Life.

The sale, which is valued at $290m, was first announced in December 2020. Pursuant to the sale agreement, BNZ will continue exclusively referring its customers with life insurance needs to Partners Life for the next 10 years, subject to Partners Life continuing to meet agreed operating standards.

Regulatory and other approvals were obtained in September. Since the completion of the deal, all BNZ Life customers have already been transitioned to Partners Life.

Karna Luke, BNZ executive for customer, products and services, considered the sale as an important part of the bank’s drive to simplify its business.

“We’re pleased to be able to complete the sale of BNZ Life to Partners Life,” Luke said. “Partners Life are an industry leader in life insurance in New Zealand, and our shared values of putting our customers first and partnering with them to help them reach their goals gives us the utmost confidence our insurance customers are in good hands.”

Corporate partner Dan Jones led the Russell McVeagh team in advising NAB and BNZ on the transaction. He received assistance from partner Tom Gillespie, special counsel Sarah McQueen, and senior associate Hannah Brown.

Recent articles & video

Jillian Mallon and Andrew Becroft named as new Court of Appeal and High Court judges

Simpson Grierson helps DB Breweries close milestone merger

Don’t miss the chance to submit a nomination for Most Influential Lawyers 2023

Everlaw launches new features to help legal teams find hidden stories in emails, videos

What the new sexual harassment legislation means for employers

What will be the long-lasting effects of COVID?

Most Read Articles

Backlash from judge criticism pushes police minister to resign

What the new sexual harassment legislation means for employers

High Court affirms order for bankrupt couple to vacate property

Chapman Tripp senior associate: 'There's been no shortage of unique challenges'