In a bid to streamline and simplify its business, ANZ has agreed to sell OnePath pensions and investments to IOOF Holdings Limited for a fee of $975mn.
OnePath manages funds worth around $48bn, with ANZ entering a strategic alliance to make available IOOF superannuation and investment products to ANZ customers.
ANZ Group Executive Wealth Australia Alexis George said: “Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future.
“By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products from a specialist provider with the right cultural fit, financial strength and digital capability.
“The sale of our P&I and ADG businesses provides ANZ with greater flexibility to consider options for the life insurance business including strategic and capital markets solutions.”
ANZ has been investing heavily in its digital capabilities of late. Recent announcements include a partnership with Fitbit, acquisition of a property app business and rollout of Apple Pay. The company has also entered an alliance with JP Morgan to develop payment networks using blockchain technology.