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.