ANZ reviewing wealth sale to IOOF

ANZ has signalled it is reviewing the sale of its wealth businesses to IOOF following the regulatory action initiated against IOOF by the Australian Prudential Regulation Authority (APRA).

ANZ deputy chief executive, Alexis George said that given the significance of the APRA action, ANZ “will assess the various options available to us while we seek urgent information from both IOOF and APRA”.

ANZ agreed to sell its OnePath Pensions and Investments business to IOOF in October, last year.

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George’s statement said the work to separate the Pensions and Investments business from ANZ’s Life Insurance business would continue.

“There is a framework available to complete the Zurich transaction that does not involve IOOF,” her statement said.

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