Westpac Group completes Westpac Life sale to Fidelity with Russell McVeagh's help

The $400m transaction was first announced in July 2021

Westpac Group completes Westpac Life sale to Fidelity with Russell McVeagh's help

Russell McVeagh has helped Australian-owned bank Westpac Group to complete the sale of its New Zealand life insurance business Westpac Life to, Fidelity Life.

Valued at $400m, the transaction was first announced in July 2021.

As part of the transaction, Westpac Life has been renamed Fidelity Insurance and signed a life insurance distribution arrangement with banking services provider Westpac New Zealand. Under this arrangement, Westpac NZ will distribute Fidelity Insurance products to its retail customers for the next 15 years.

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Corporate partner Ian Beaumont led Russell McVeagh’s team on the transaction. He was assisted by partners Emmeline Rushbrook, Guy Lethbridge, Fred Ward, Nathaniel Walker, Kylie Dunn and Joe Edwards.

Also included in the team were special counsel Sarah McQueen and Louise Taylor; senior associates Isaac Stewart, Bradley Aburn and Emily Murray-Joubert; senior solicitors Simon Mackley and Stephanie Russell; and solicitor Ryan Howlett.

“It has been a pleasure assisting Westpac complete this transaction,” Beaumont said. “The sale is an important milestone in Westpac’s simplification of its bank’s business model and ensures positive outcomes over the long-term for Westpac's customers through this strategic alliance with Fidelity Insurance (formerly Westpac Life).”

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