A major bank sells its pensions, investments and aligned dealer group to IOOF for $975
ANZ has sold its OnePath pensions, investments and aligned dealer group (ADG) businesses to Australian wealth management firm IOOF for $975 million.
As part of the agreement, ANZ will enter into a 20-year strategic alliance to make IOOF superannuation and investment products available to ANZ customers.
The sale of the pensions, investments and ADG businesses is consistent with ANZ’s strategy to create a simpler, better balanced bank focused on retail and business banking in New Zealand and Australia.
ANZ Group executive wealth Australia Alexis George said: “Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future.
“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 from a specialist provider with the right cultural fit, financial strength and digital capability,” George said.
IOOF Managing Director Christopher Kelaher said; “This acquisition cements IOOF’s position as Australia’s leafing advice-led wealth manager. ANZ Wealth Management has a natural fit with IOOF’s current business model. It presents a unique opportunity for IOOF to significantly increase scale, create value from cost synergies, and partner with an iconic Australian institution.
“We are delighted to be establishing a 20-year partnership with ANZ to deliver quality wealth management solutions to their customers. Partnering with one of Australia’s leading banks will provide IOOD with access to a significant number of customers through complementary distribution channels further strengthening and diversifying our core wealth management business,” Kelaher added.
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As part of the agreement, ANZ will enter into a 20-year strategic alliance to make IOOF superannuation and investment products available to ANZ customers.
The sale of the pensions, investments and ADG businesses is consistent with ANZ’s strategy to create a simpler, better balanced bank focused on retail and business banking in New Zealand and Australia.
ANZ Group executive wealth Australia Alexis George said: “Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future.
“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 from a specialist provider with the right cultural fit, financial strength and digital capability,” George said.
IOOF Managing Director Christopher Kelaher said; “This acquisition cements IOOF’s position as Australia’s leafing advice-led wealth manager. ANZ Wealth Management has a natural fit with IOOF’s current business model. It presents a unique opportunity for IOOF to significantly increase scale, create value from cost synergies, and partner with an iconic Australian institution.
“We are delighted to be establishing a 20-year partnership with ANZ to deliver quality wealth management solutions to their customers. Partnering with one of Australia’s leading banks will provide IOOD with access to a significant number of customers through complementary distribution channels further strengthening and diversifying our core wealth management business,” Kelaher added.
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