Axa returns to core business

By Campbell McIlroy

Friday 29th September 2000

Axa New Zealand has been tipped to announce the sale of three of its lending institutions next week in what is seen as a move back to basics for one of the country's largest financial institutions.

Axa is understood to have negotiated the sale of HLNZ residential mortgage lending, Freedom Financial Services and the National Mutual fund management lending division. The deal was negotiated by MacQuarrie Bank in Wellington.

No details have been made available on whom the businesses were sold to or what the sale price was.

The move was not unexpected as Axa had signalled its intention to get out of some of its non-core businesses at its last results announcement. Analysts suggested the move was consistent with Axa's strategy at that time.

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