ANZ seeks urgent information from IOOF regarding OnePath sale

Company News

by Rachael Jones

ANZ (ASX:ANZ) have provided an update on the sale of its wealth businesses, following regulatory action against IOOF Holdings (ASX:IOOF) announced today by the Australian Prudential Regulation Authority (APRA).

ANZ agreed to sell its OnePath Pensions and Investments business to IOOF in October 2017.

ANZ Deputy CEO Alexis George says given the significance of APRA’s action, we will assess the various options available to us while we seek urgent information from both IOOF and APRA.

She says the work to separate Pensions and Investments from our Life Insurance business continues.

There is a framework available to complete the Zurich transaction that does not involve IOOF.

Shares in ANZ (ASX:ANZ) are trading 0.86 per cent higher at $25.89.
 

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.