Australia's Westpac Banking Corp will sell its general insurance arm to German insurer Allianz for A$725 million ($535 million), it said on Wednesday, further trimming its portfolio to beef up capital and focus on local business.
The transaction is the latest in a series of sales of underperforming insurance assets by the country's Big Four banks, as lenders re-focus on local core operations, after a series of scandals ramped up regulatory scrutiny on the sector.
