Select a page

Banking News

ANZ calls off trustee merger

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.
East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.