(Adds details on deal in paragraphs 2-5)
April 30 (Reuters) - National Australia Bank (NAB) said on Tuesday it would book a pre-tax gain of A$400 million ($261.64 million) from the sale of its New Zealand wealth management businesses to FirstCape Ltd.
In December, NAB agreed to combine its New Zealand wealth advice and asset management unit with that of Jarden Wealth and Asset Management, forming a new entity FirstCape.
The deal brings together NAB's JBWere New Zealand and BNZ Investment Services business with Jarden's Wealth Solutions and Harbour Asset Management, to create an advice and asset management business for clients in New Zealand.
NAB and Jarden Wealth own 45% and 20% of FirstCape, respectively, while funds managed by Pacific Equity Partners have a 35% stake.
The gain from the deal will be included in NAB's statutory net profit for the half year ending Sept. 30, the lender said, adding that it had completed the sale. ($1 = 1.5288 Australian dollars)
News: NAB UPDATE 1-Australia's NAB to record $261 mln gain from NZ wealth management businesses sale
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