ANZ Banking Group Ltd
(ASX:ANZ) has denied rumours it will sell ING to AMP Ltd in return for a 30% stake in the wealth manager.
CEO Mike Smith has told the Sydney Morning Herald that ANZ is focusing on growing its wealth organically and is not currently considering any takeovers.
The news follows media speculation last week that AMP was considering a $4 billion deal to sell ANZ a controlling stake in return for ownership of ANZ’s ING portfolio as part of a scrip-based agreement.
ANZ reached an agreement with ING in September last year to acquire ING’s 51% shareholdings in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand.
Mr Smith says he is positive about Australia’s economic outlook despite the uncertainty in Europe, as the United States starts to show signs of recovery.
On Friday, ANZ posted a profit of $1.6 billion in the four months to January 31, 2010.
ANZ’s profit for the 12 months to September 30, 2009, was $2.943 billion.
