INDEPENDENT NEWS

Westpac Life Sale Completes With Russell McVeagh's Assistance

Published: Thu 3 Mar 2022 06:21 PM
Russell McVeagh is pleased to have assisted the Westpac Group complete the sale of its New Zealand life insurance business to Fidelity Life this week. The $400 million sale includes a 15-year strategic alliance agreement for the exclusive provision of life insurance products to Westpac New Zealand retail customers.
Ian Beaumont, Russell McVeagh's Corporate Partner who led the transaction, said, "It has been a pleasure assisting Westpac complete this transaction. The sale is an important milestone in Westpac's simplification of the 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), which is now owned by New Zealand's largest locally owned life insurer, Fidelity Life."
The team advising on the sale included Special Counsels Sarah McQueen and Louise Taylor, Senior Associates Isaac Stewart, Bradley Aburn and Emily Murray-Joubert, Senior Solicitor Stephanie Russell and Solicitor Ryan Howlett; as well as Partners Emmeline Rushbrook (Regulatory and Public Law); Guy Lethbridge and Senior Solicitor Simon Mackley (Banking and Finance); Fred Ward (Tax); Nathaniel Walker (Litigation); Kylie Dunn (Employment); and Joe Edwards (IP and Privacy).
The sale was first announced in July last year. More information on the sale is available to view here.

Next in Business, Science, and Tech

Global IT Outage Causing Challenges For Retailers
By: Retail NZ
Rarest Whale In The World Found By Dunedin Man Sat On Couch, Having A Cup Of Tea
By: RNZ
Netflix Earnings: Will Supply Advantage Future-Proof The Streamer?
By: Parrot Analytics
SOS Arctic 2024: Mission Accomplished!
By: Osservatorio Artico
Revolver Rabbit’s Million-Dollar Masquerade: Infoblox Uncovers The Hidden World of RDGAs
By: Infoblox
Making A Single Plastic Bag Visible From Space
By: Eyesea
View as: DESKTOP | MOBILE © Scoop Media