Perpetual sells NZ Guardian Trust Company

Perpetual announced today the sale of the New Zealand Guardian Trust Company to Complectus for $AUD63.3 million.

The sale of Guardian Trust was simultaneously executed and settled for 100 per cent cash consideration, according to an announcement made on the Australian Securities Exchange (ASX).

The announcement said the divestment of the New Zealand business would not impact Perpetual's previously stated synergy estimates of at least $15 million per annum after tax from The Trust Company integration.

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This move follows Perpetual's acquisition in December last year of The Trust Company, which owned Guardian Trust. The New Zealand business was considered non-core to Perpetual's strategy and best placed with an experienced local owner to take the business forward, the ASX announcement said.

Perpetual chief executive and managing director Geoff Lloyd described the outcome as good, as it allowed Perpetual to maintain momentum on its Transformation 2015 strategy.

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