ANZ sees dealer group sale as a done deal

ANZ/IOOF/Shayne-Elliott/

20 December 2018
| By Mike |
image
image image
expand image

While ANZ has signalled it is reviewing the sale of its wealth and superannuation businesses in the wake of the Australian Prudential Regulation Authority (APRA) initiating legal action against IOOF, its chief executive, Shayne Elliott, has signalled to shareholders the sale of its aligned dealer groups is a done deal.

Addressing ANZ’s annual general meeting, Elliott listed the sale of its aligned dealer groups in Australia as being among the transactions completed as part of the bank’s broader business simplification process.

He said that in the past three years, ANZ had changed its business more than at any time since 1951 and that it had announced the sale and exit of more than 20 businesses.

“We’ve reduced risk-weighted assets in our Institutional business by $44 billion,” he said. “We cut the number of retail products in Australia by more than a third. We improved cumbersome processes and decommissioned old systems.”

“This year alone, we have sold our joint-venture bank in Cambodia and our retail and commercial businesses in Papua New Guinea. “We also completed the sale of our Asian retail and commercial businesses, our life insurance business in New Zealand; and our aligned dealer groups here in Australia.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 weeks ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3