ANZ sells its wealth business
(18 October 2017 – Australia) ANZ announced that it will be offloading its superannuation and financial planning businesses to IOOF Holdings for A$975 million.
IOOF will pick up the OnePath pensions and investments business along with four aligned dealer groups as ANZ shifts to distributing rather than manufacturing advice and superannuation products.
IOOF will enter a 20-year strategic partnership to distribute wealth management products through ANZ.
According to ANZ’s latest result announcements, annual profit for the unit was A$39 million
ANZ Wealth Australia group executive Alexis George said the bank is still reviewing options for its life insurance business.
"By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products," she said.
"The sale of our pensions and investments and associated dealer group businesses provides ANZ with greater flexibility to consider options for the life insurance business including strategic and capital markets solutions,” George added.