ANZ close to finding new partners
The ANZ Bank has revealed it has narrowed down the list of potential partners it may use to develop its wealth management business.
Chief executive John McFarlane, speaking at a lunch in Sydney yesterday said the short list had 10 names and the bank was in talks with possible partners. These included groups from Australia and overseas and a deal was expected to be finalised in the second half of this year.
"We have sent out an information memorandum to about 10 people who are on the short list. We will wait for their responses and then go into discussions with them," McFarlane said.
He also stated that the bank was on track to achieve double digit earnings growth over the next three years with most of this future growth coming from the 16 business units into which the ANZ had recently been split up.
ANZ reported a 10 per cent jump in net profit to $895 million for the half year to March 31, but warned it would be difficult to match that rate of growth in the second half because of the economic slowdown.
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Jason Spits
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