British insurer Aviva to sell Australian unitBritish insurance
Britishinsurance.com is the trading name of British Insurance Limited, a specialist insurance company based in the United Kingdom. giant Aviva said it has agreed to sell its Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. life and pensions business to National Australia Bank The National Australia Bank or NAB (ASX: NAB, LSE: NAB, NYSE: NAB, TYO: 8637 ) is part of the NAB Group. It is the largest bank in Australia by assets, and 28th largest in the world. for 452 million pounds (742 million US dollars, 535 million euros). "The decision to sell ... is based on the belief that it would be challenging to reach a leading position in Australia in the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future in an increasingly consolidated market," Aviva said in a statement. Aviva said it expected to complete the sale of Aviva Australia Holdings -- which also includes a wealth management arm -- in the third quarter of 2009 after passing regulatory hurdles. Simon Machell, head of Aviva's Asia Pacific region, said the sale would allow the British group to "focus on the significant long-term growth markets of Asia, in particular, China and India." 
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