ANZ calls off trustee merger
(4 April 2005 – Australia) ANZ has scrapped plans to merge its trustee business with Australian wealth management and estate services firm, Equity Trustees.
The merger had been announced in October 2004 but a number of issues became apparent during the due diligence process, which were not able to be resolved by the two parties. As a result, ANZ and Equity Trustees decided to call off the merger.
ANZ group managing director of Strategic Development, Peter Hawkins, said ANZ Trustees remained a "sound" business which serviced charitable trusts that supported philanthropic work carried out by the bank’s clients.
"We continue to believe the trustee sector offers opportunities for the Group, ANZ trustees is a good business and the potential to advance the business strategically can be explored over the longer term," Hawkins said.
Equity Trustees was founded 115 years ago by a special act of parliament to provide financial and estate services.
ANZ group managing director of Strategic Development, Peter Hawkins, said ANZ Trustees remained a "sound" business which serviced charitable trusts that supported philanthropic work carried out by the bank’s clients.
"We continue to believe the trustee sector offers opportunities for the Group, ANZ trustees is a good business and the potential to advance the business strategically can be explored over the longer term," Hawkins said.
Equity Trustees was founded 115 years ago by a special act of parliament to provide financial and estate services.
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