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.