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ANZ expects to complete review of wealth unit by mid-year
May 24, 2016 / 6:31 AM / a year ago

ANZ expects to complete review of wealth unit by mid-year

SYDNEY, May 24 (Reuters) - ANZ Banking Group, Australia’s No.4 bank, said on Tuesday it expects to complete an ongoing internal review of its wealth business by mid-year and will study any recommendations for its future in the third quarter of its fiscal year.

Reuters reported on Monday that ANZ was exploring plans to sell part or all of its life insurance and pension product development unit. People familiar with the matter told Reuters ANZ had held informal talks with investment banks on a potential disposal, and was still streamlining operations before seeking bids.

ANZ said in March that Alexis George, managing director of its Wealth Australia unit, would undertake a strategic review of the business, without disclosing a timeframe.

“That internal review is expected to be completed mid-year and any recommendations are expected to be considered by ANZ during the third quarter,” the spokesman said in an email to Reuters.

ANZ’s fiscal year runs to the end of September.

“It’s not appropriate to comment on market speculation in the interim,” the spokesman said. (Reporting by Swati Pandey; Editing by Kenneth Maxwell)

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