ANZ (ASX:ANZ) see APRA approve IOOF’s bid to buy OnePath

Company News

by Rachael Jones

ANZ (ASX:ANZ) yesterday confirmed the Australian Prudential Regulation Authority (APRA) had approved the sale of ANZ’s OnePath Pensions & Investments business to IOOF Holdings (ASX:IFL)

With regulatory approval now provided, ANZ still expects the transaction to be completed in the first quarter of calendar year 2020.

They estimate it will increase ANZ’s APRA CET1 capital ratio by 20 basis points.

The approval comes after the Independent Trustee, the OnePath Custodians, and ANZ both confirmed no objection to the transaction back in October.

Shares in ANZ (ASX:ANZ) closed -0.04 per cent lower at $24.58 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.