Australian financial services giant AMP will not sell its New Zealand wealth management business due to the disruption to the economic and financial markets caused by the outbreak of coronavirus.
The firm said it did receive offers from potential buyers, but they did not meet its expectations.
AMP’ divestment plans have been shifted to focus on the growth of the New Zealand arm instead, the firm said.
“New Zealand wealth management will be retained by AMP and will now focus on plans to develop and grow the business in its existing markets,” the Australian company said.
“AMP held discussions with a number of interested parties regarding the divestment, but the offers received did not meet the company’s expectations.
“AMP will provide a further update on New Zealand wealth management at the H1 20 results in August 2020.”