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”.

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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.

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