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National Australia Bank completes Aviva acquisition
National Australia Bank Limited (NAB) announced that it had completed its acquisition of Aviva Australia Holdings (Aviva), for $825 million 1 with effect from 1 October 2009.
The acquisition of Aviva, including the life insurance operations and investment platform Navigator, was announced on 22 June 2009.
“This acquisition significantly enhances our wealth offering and is a strong strategic fit with our ambition to strengthen National Australia Bank’s position as a leading provider in the wealth management segment,” National Australia Bank Group Chief Executive Officer Cameron Clyne said.
For further information:
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Nehemiah Richardson
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| Stacey Mitchell
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Lyndal Kennedy
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1 Ultimate cash consideration will be adjusted for the movement in net assets as at 31 December 08 (less $40 million dividends from 2008 profits) and closing net assets.