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ANZ has decided to exit the custody business, agreeing to sell its custodian services arm in both Australia and New Zealand to J.P. Morgan.
The transaction was confirmed to the Australian Securities Exchange (ASX) today, with ANZ group managing director, institutional, Shayne Elliott saying the move continues the process of refocusing ANZ’s institutional business on its core banking priorities.
“Custodian services is increasingly a global scale business and J.P. Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients,” he says.
The transaction is expected to be completed before December 31 and is subject to regulatory approvals after which there will be a progressive transfer of business and staff in 2010.
