ANZ and ING extend JV over the Tasman
(3 October 2005 – New Zealand) ANZ has announced it will replicate its Australian funds management and life insurance joint venture with ING in the New Zealand market.
The bank said the venture would incorporate the funds management and life insurance businesses of the National Bank of New Zealand, which ANZ bought in 2003.
ING New Zealand will be 49 percent owned by ANZ National Bank with ING owning 51 percent.
The sale of the two divisions to ING New Zealand will provide ANZ with a one off gain of about NZ$16 million for the 2005 financial year.
ANZ said the terms of the joint venture were consistent with the Australian arrangement but had been adapted to meet New Zealand legal and other requirements.
ANZ National Bank chief executive Sir John Anderson said the new arrangement with ING in New Zealand would allow the bank to develop and grow the company in a way which best suited the needs of the market in New Zealand.
"By leveraging the complementary strengths of ING and ANZ National Bank we have a unique opportunity to accelerate growth and to continue to shape the future of the industry in the coming years," he said.
ING New Zealand will be 49 percent owned by ANZ National Bank with ING owning 51 percent.
The sale of the two divisions to ING New Zealand will provide ANZ with a one off gain of about NZ$16 million for the 2005 financial year.
ANZ said the terms of the joint venture were consistent with the Australian arrangement but had been adapted to meet New Zealand legal and other requirements.
ANZ National Bank chief executive Sir John Anderson said the new arrangement with ING in New Zealand would allow the bank to develop and grow the company in a way which best suited the needs of the market in New Zealand.
"By leveraging the complementary strengths of ING and ANZ National Bank we have a unique opportunity to accelerate growth and to continue to shape the future of the industry in the coming years," he said.
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