IOOF and ANZ update on the P&I business acquisition

Company News

by Anna Napoli

IOOF (ASX:IFL) and ANZ (ASX:ANZ) have provided the market with an update on IOOF's acquisition of ANZ's One Path Pensions and Investments (P&I) business.

ANZ says it completed the legal separation of its P&I business from its Life Insurance business last month and that the companies continue to work co-operatively on the deal.

IOOF says it continues to work towards the deals completion.

Following recent amendments to the Superannuation Industry (Supervision) Act 1993 the parties may also require approval from APRA as a condition of completion.

The companies reached an agreement in July last year under which ANZ agreed to transfer a partial economic interest of its P&I business and the legal ownership of its Aligned Dealer Groups to IOOF from 1 October 2018.

Shares in IOOF(ASX:IFL) are trading 2.69 per cent lower at $5.78.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.