Equity Trustees Limited (ASX:EQT) will buy ANZ Trustees Limited from the bank for $150 million.
Chairman Tony Killen says the acquisition cements the company as Australia’s largest independent ASX listed company with a dedicated trustee service.
Equity Trustees believes the combined businesses will have higher margins, significant cost synergies and revenue growth opportunities.
Both Equity Trustees and ANZ Banking Group (ASX:ANZ)
have also entered into an exclusive long term referral relationship .
Equity Trustees reported a net profit of $5.4 million in the first half of the 2014 financial year.