ANZ looks to future without Wealth

ANZ has flagged the possible sale of its life insurance, advice and superannuation and investments businesses in Australia. 

The big banking group flagged the move with the release of results announcement to the Australian Securities Exchange (ASX) today revealing a 24 per cent decline in statutory profit after tax of $5.7 billion. The board declared a final dividend of 80 cents per share. 

ANZ chief executive, Shayne Elliott, said a strategic review of ANZ's Wealth businesses in Australia and New Zealand had concluded that while the distribution of high quality wealth products and services should remain a core component of the Group's overall customer proposition, ANZ did not need to be a manufacturer of life and investment products.
 
The ASX announcement said the initial focus would be on the Australian Wealth business where ANZ was exploring a range of possible strategic and capital market options. 

"This includes the possible sale of the life insurance, advice and superannuation and investments business in Australia," it said. 

The announcement said the future of the New Zealand Wealth business would be considered separately, next year. 

The announcement regarding the Australian wealth business follows on from the big banking group's earlier announcement this week that it had sold its Asian retail bank to Singapore's DBS. 

Commenting on the outlook for the bank, Elliott said the company had a clear strategy and a consistent focus on the simplification of the business and actively rebalancing its portfolio.