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Russell McVeagh advised Commonwealth Bank of Australia (CBA) on the sale of Sovereign, New Zealand's largest life and health insurance fund, to AIA International Limited (AIA) for A $ 1.275 billion. .
ASB Bank Limited (ASB) sold its life and health insurance business in New Zealand (Sovereign) to AIA Group Limited. The transaction was completed yesterday (July 2, 2018). AIA International Limited is an indirect wholly-owned subsidiary of AIA Group Limited, a corporation listed on the Hong Kong Stock Exchange Limited. The New Zealand subsidiary of AIA International Limited operates its life and health insurance business in New Zealand
The sales agreement includes a 20-year partnership with Sovereign and AIA for the supply of products and services. Life and health insurance to ASB customers in New Zealand. 19659002] The Russell McVeagh team advised CBA about the transaction, working closely with Mark Alexander and Kirsty Cox of the ABC legal team. The transaction was conducted by Pip Greenwood, senior partner of the company, with the help of members of the Frida Klippel team, Aria Molteni-Luporini, Lucy Clifford and Wendy Smith. Additional support was provided by a financial partner, Tom Hunt; Tax partner, Fred Ward; Contest Partner, Troy Pilkington; and employment partner, Kylie Dunn.
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