Westpac to sell lenders mortgage insurance business to Arch Capital
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Australia’s Westpac Banking Corp said on Thursday it will sell its lenders mortgage insurance (LMI) business to Arch Capital Group in a deal that will also make Arch Westpac’s exclusive LMI supplier for 10 years.
The sale, which is expected to close by the end of August, is the latest step in Westpac’s efforts to simplify its operations and cut costs by focusing on its core domestic and New Zealand businesses.
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“The sale continues the simplification of our business and builds on our progress in becoming a simpler, stronger bank focused on consumer, business and institutional banking,” said Jason Yetton, chief executive, specialist businesses and group strategy.