Equity Trustees purchase of ANZ Trustees approved
Equity Trustees has been granted ministerial approval for its purchase of ANZ Trustees which makes the sale and purchase agreement between the two groups as unconditional.
In an announcement to the Australian Stock Exchange Equity Trustees managing director Robin Burns stated the sale process was well advanced with relevant employees at ANZ Trustees having signed employment agreements with EQT.
Burns also stated that project teams had been formed to manage the integration of the two businesses with an expected completion date of 4 July.
Equity Trustees will pay $150 million for ANZ Trustee with the purchase to be funded by a fully-funded equity raising of $160 million to be conducted by Equity Trustees.
As part of the sale EQT and ANZ will have a mutual referral arrangement for five years, with the possibility of a renewal for a further five years. EQT will provide trust and philanthropic administration and execution and estate administration to ANZ Private Bank clients.
AUTHOR
Staff Writer
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
