| Publication: | Herald Sun |
|---|---|
| Date: | 7 September 2009 |
| Section: | Business |
George Lekakis
Article excerpt:
BUPA Asia Pacific is preparing to offload the life insurance and financial planning businesses it acquired last year through its $2 billion purchase of MBF Australia. Sources close to the situation told BusinessDaily that the future of both wealth management arms was under strategic review after BUPA received several buyout offers from local life insurance players.
BusinessDaily has learned that Tower Australia has communicated an interest in acquiring the MBF Life business which is the country's 15th largest life insurer according to market share data published by Plan For Life. BUPA, which operates Australia's largest private health insurance business under the HBA and MBF brands, is believed to be keen to offload the wealth arms because they lack scale to compete against market leaders such as AMP and AXA.
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