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NRMA INSURANCE TO SELL BUILDING SOCIETY FOR $US67MLN.
SYDNEY, Oct 1 Asia Pulse - Australia's NRMA Insurance Group Ltd (ASX:NRM) has announced today it will sell its Building Society operations to HSBC Bank Australia Ltd for around $A138 million ($US67.21 million).
NRMA Insurance acting chief executive Ian Brown said the sale price would depend on closing accounts, but represented a premium to net assets (approximately $88 million at June 30, 2001) and a $50 million accounting profit.
Mr Brown said that funds from the sale would be used to retire short-term debt.
Mr Brown said that as part of the transaction, HSBC would provide cash management and term deposit products for distribution by NRMA Insurance on a commission basis.
"The sale of the Building Society is part of NIGL's strategy to focus on general ...
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- Press release article from: Business Wire August 17, 2000 700+ words
...counterparty credit ratings on NRMA Insurance Ltd. and its double-'A...term note program of NRMA Building Society Ltd The program is guaranteed by NRMA Insurance Ltd. The rating outlook on NRMA Insurance Ltd. has been revised to...
- S&P Affirms NRMA Insurance Ratings: Outlook to Negative.
- Press release article from: PR Newswire August 18, 2000 700+ words
...counterparty credit ratings on NRMA Insurance Ltd. and its double-'A...term note program of NRMA Building Society Ltd The program is guaranteed by NRMA Insurance Ltd. The rating outlook on NRMA Insurance Ltd. has been revised to...
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...admitting to leaving cooking unattended*. NRMA Insurance home insurance (http://www.nrmaqld...third of Queensland's house fires. NRMA Insurance Queensland State Manager Brett Robinson...cupboards in a matter of seconds." NRMA Insurance estimates more than 15 fires a week...
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...Pulse - The NSW government has given NRMA Insurance three months to prove its new choice...choice. Talks between the government, NRMA Insurance - owned by Insurance Australia Group...resolve a dispute over smash repairs. NRMA Insurance has agreed to permit policy-holders...
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- Press release article from: M2 Presswire November 5, 2007 700+ words
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- IAG hits Tasmania.(Australian Insurer)(IAG Ltd. opens NRMA Insurance...
- Magazine article from: Australian Banking & Finance February 16, 2004 700+ words
...IS ENTERING THE TASMANIAN market under the NRMA Insurance brand, offering a range of home and motor...business with direct products marketed under the NRMA Insurance brand." NRMA Insurance has previously been involved in Tasmania through...
- S&P: NRMA Insurance Ratings Affirmed; Off CreditWatch.
- Press release article from: Business Wire June 11, 2001 700+ words
...today affirmed its double-'A'-plus ratings on NRMA Insurance Ltd. (NRMA) and its double-'A'-plus long...the A$1.5 billion senior unsecured program of NRMA Insurance Group Finance Ltd., and removed them from CreditWatch...
- S&P: NRMA Insurance Rtgs Lowered to 'AA'; Otlk Stable.
- Press release article from: Business Wire October 3, 2002 700+ words
...financial strength and counterparty credit ratings on NRMA Insurance Ltd. and IAG New Zealand Ltd. to double-'A'. The outlook has been revised to stable from negative. NRMA Insurance Ltd. and IAG New Zealand Ltd. are core underwriting...
Source: HighBeam Research, NRMA INSURANCE TO SELL BUILDING SOCIETY FOR $US67MLN.