Tower Limited (NZSE:TWR) agreed to acquire Portfolio of insurance business of TSB Bank Limited from TSB Bank Limited for Approximately NZD 5 million on May 31, 2022. Tower and TSB have also entered into a referral agreement for new TSB insurance customers for a period of five years. No regulatory approvals are required to proceed under the agreement and the acquisition is unconditional, with completion expected to take place on July 01, 2022.