ANZ sells life insurance business to global giant Cigna
ANZ Bank New Zealand has agreed to sell its life insurance business to US-listed health insurance giant Cigna for NZ$700m ($485.4m, €419m, £368m), the second non-core business the group has shed in under a month.
Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.