(23 November 2009 – Australia) ANZ has announced the sale of its Australian and New Zealand Custodian Services business to J.P. Morgan.The transaction is expected to be completed before 31 December 2009, and will add to the already vast portfolio J.P. Morgan has under custody.
The sale, which is subject to regulatory approvals, will be followed by the progressive transfer of the business and staff within 2010.
The global securities provider has US$14.9 trillion (A$16.19 trillion) in assets under custody and US$5.1 trillion (A$5.54 trillion) in assets under administration.
Shayne Elliott, group managing director, ANZ, said that the Custodian Services is increasingly a global scale business and J.P. Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions.
Mr Elliot added that the transaction continues the process of refocusing ANZ’s institutional business on the core banking priorities in Australia.