ANZ announces changes to the sale of its wealth businesses

Company News

by Anna Napoli

ANZ (ASX:ANZ) and IOOF have agreed changes to the contracts around IOOF's acquisition of ANZ's Pensions and Investments (P&I) business.

IOOF says that following recent actions by the Australian Prudential Regulation Authority (APRA) the transaction agreements have been changed to accommodate the likely delay in completion of the sale to later this year.

The changes will also allow for the legal separation of the P&I business.

The sale of One Path P&I was announced in October 2017.

Shares in Australia and New Zealand Banking Group (ASX:ANZ) are trading 0.08 per cent higher at $25.39.

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.