Australia's Westpac sells general insurance arm to Allianz for $535m

Australia's Westpac sells general insurance arm to Allianz for $535m

FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo

Westpac Banking Corp said on Wednesday it would sell its general insurance arm to German insurer Allianz for A$725 million ($535 million), further trimming its portfolio to beef up capital and focus on its core banking business.