(5 April 2017 – Australia) Reports indicate that bids for ANZ Banking Group’s (ANZ) wealth unit will be due by the end of May, following prospective buyers receiving information packs and due diligence documents this week.
The operations up for sale include the bank’s insurance, investments and advice businesses.
Among suitors is pan-Asian life insurer AIA Group, AMP, IOOF, Sun Life Financial and US-based Prudential, Zurich and Metlife.
The unit has been valued at around A$4.5 billion by industry analysts.
On 2 May, the bank is due to provide interim profit results for the six month period ending 31 March
Adding to the speculation, the banking group’s CEO, Shayne Elliott has not ruled out listing the wealth unit on the Australian Stock Exchange.