ANZ today announced it had successfully completed the sale of its OnePath Pensions & Investments (OnePath P&I) business to IOOF Holdings Limited (IOOF).
ATM of ANZ Bank. (Credit: Australia and New Zealand Banking Group Limited.)
The final sale price of $850 million included ~$25 million that ANZ had already received for the sale of its Aligned Dealer Groups in October 2018.
ANZ estimates proceeds from the transaction will increase its CET1 capital ratio by ~20 basis points. This business has been reported within ANZ’s financial results as part of Discontinued Operations since 1H18.
This successful transaction also completes ANZ’s multi-year strategy to simplify its Wealth business which began in 2016.
Source: Company Press Release