The Australian Prudential Regulatory Authority (Apra) has approved the sale of ANZ’s OnePath Pensions & Investment business to financial advisory firm IOOF.
The deal was blocked by Apra in December 2018, as it was taking action to disqualify three executives and two directors (including the chairman and managing director) of IOOF for failing to act in the best interest of superannuation members.
One year on, however, the regulator has given the deal the green light.
“With regulatory approval now provided, ANZ still expects the transaction to be completed in the first quarter of calendar year 2020,” ANZ said.
“The approval comes after the Independent Trustee (OnePath Custodians) and ANZ both confirmed no objection to the transaction in October.”
The acquisition was agreed in October 2017 for a purchase price of around A$975m (£506m, $666m, €601m).