AMP (ASX:AMP) to retain NZ wealth management business

Company News

by Katrina Bullock

Financial service provider, AMP (ASX:AMP) has ceased its plans to divest its New Zealand wealth management business.

The company says that due to the economic and financial markets disruption caused by the COVID-19 pandemic, it will now retain the business and focus on plans to develop and grow it in its existing markets.

AMP was in negotiation with interested parties regarding the divestment but says the offers did not meet the company’s expectations.

AMP will provide a further update on New Zealand wealth management at the first half results in August 2020.

Shares in AMP (ASX:AMP) are trading 1.83 per cent higher at $1.39.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.