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
ASIC has banned a former financial adviser for his role in encouraging clients to invest their retirement money in the Global Capital Property Fund, run by United Global Capital.
With reporting season concluded for another financial year, Money Management rounds up the result of Australia’s listed advice licensees and where they are looking to in the year ahead.
Having acquired Evidentia with the goal of building out its managed accounts division, GDG has reported a 49 per cent rise in managed account funds under management in FY25.
The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted.
