ANZ again canvasses wealth float



ANZ Banking Group has sought to dampen continuing speculation around the possible sale of its life insurance, superannuation, investment and advice business but, in doing so, has further canvassed floating it off in an initial public offering.
The big banking group went to the trouble yesterday of releasing a statement to the Australian Securities Exchange (ASX) in which it noted what it described as increased media speculation relating to the possible divestment of its wealth business – something which it flagged to the market earlier this year.
However, it said it did not comment on media speculation, before adding that “the process is ongoing and ANZ remains in discussion with a number of parties as it continues to work through its options”.
The ANZ statement then added: “This includes exploring capital market solutions to create a stand-alone business”.
The statement ended on the note that the banking group would continue to take a disciplined approach to the process and would update the market as appropriate.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.