AMP announce NZ wealth IPO
AMP will float off its New Zealand wealth management business.
The company announced that it intended to divest the New Zealand wealth management and advice business via an initial public offering (IPO) next year.
It said the decision to proceed with an IPO and its timing remained subject to market conditions and regulatory approvals.
The announcement said the businesses had financial year 2018 pro forma operating earnings of approximately $40 million on a standalone basis.
It said the IPO would release capital to AMP and create a standalone New Zealand wealth management and advice business.
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