Australian wealth manager AMP Ltd said it would likely pull the A$3.3 billion ($...
) said it would likely pull the A$3.3 billion sale of its life insurance unit after the intervention of New Zealand’s central bank, raising concerns about its recovery strategy and sending its shares tumbling.
AMP said the buyer, Britain’s Resolution Life, had told it the Reserve Bank of New Zealand wanted it to create separate financial assets to protect policy holders in New Zealand, something which would hurt both AMP and Resolution Life. Others described the probable cancellation as an accidental win for AMP given that analysts had seen the sale price as too cheap.
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