ANZ eyes Australian wealth management exit

Added 3rd November 2016

ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.

ANZ eyes Australian wealth management exit

“The initial focus will be on the Australian Wealth business where ANZ is exploring a range of possible strategic and capital market options,” the bank said in 2016 full year results. “The wealth business in New Zealand will be considered separately during 2017.”

A strategic review of ANZ’s wealth businesses in Australia and New Zealand found that “while the distribution of high quality wealth products and services should remain a core component of the groups overall customer proposition, ANZ does not need to be a manufacturer of life and investment products”, the bank said.

The announcement follows ANZ entering into an agreement with DBS on Monday to sell its retail and wealth businesses in Singapore, Hong Kong, China, Taiwan, and Indonesia.

The bank said it will clarify its plans for the remaining Asia retail and wealth business next year.

Results

The bank reported a 24% decrease in profit after tax to A$5.7bn (£3.6bn, $4.4bn, €3.9bn) for the year ending 30 September 2016.

ANZ also recorded write-downs of nearly A$1.1bn linked to the restructure away from Asian retail banking. 

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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