ANZ eyes Australian wealth management exit
ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.
DBS buys ANZ Asia wealth units, nets $16.5bn in assets
The trend of banks offloading assets continues as Singapore-based DBS acquires ANZ’s WM and retail units in Asia, adding S$23bn ($16.5bn, £13.5bn, €15bn) of wealth assets, which includes S$6bn from high net worth individuals.
ANZ to sell $4bn life and pension units to boost capital
ANZ Banking Group is looking to sell its life insurance and pension product unit, valued at up to $4bn (£2.76bn, €3.6bn), say media reports.
ANZ restructures Australasian wealth management business
ANZ will simplify its approach to wealth management and more closely align its distribution of wealth products and services with its retail and commercial businesses, the bank announced on Wednesday.
Australian regulator steps up financial advice probe
Australia’s corporate, markets and financial services regulator said it is investigating multiple instances of financial services firms charging clients for advice where it was not provided.