Speculation around a possible ANZ takeover of IOOF appears to be cooling after initial reports surfaced over the weekend.
Reports out of Fairfax on Saturday suggested ANZ might make a bid for IOOF, one of the country’s last remaining independent wealth management and advice businesses. Subsequent reports have suggested this is unlikely to be the case, with a senior ANZ official quoted in today’s Australian Financial Review quashing the rumours.
Both ANZ and IOOF have made a series of business sales and acquisitions over the past year as they position themselves for growth post-financial crisis.
ANZ strengthened its business through the acquisition of ING’s wealth management business last year and undertook a $2 billion capital raising before Christmas.
