Australia and New Zealand Banking Group Ltd
(ASX:ANZ) has agreed to sell its Custodian Services business in Australia and New Zealand to JPMorgan.
Institutional Managing Director Shayne Elliott says this transaction continues the banks process of refocusing its Institutional business in its core banking priorities in Australia, New Zealand and Asia.
Mr Elliott says Custodian Services is increasingly a global scale business and JPMorgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions.
The bank says the transaction is expected to be complete before the end of the year and will be followed by the progressive transfer of business and staff within 2010.
An amount for the sale was not given. ANZ’s profits have fallen in the last couple of years.
