ANZ’s Sale of OnePath Life NZ Continues Strategy of Streamlining Operations; FVE Intact at AUD 30
Wide-moat Australia and New Zealand Banking Group flagged its divestment of OnePath Life NZ to U.S.-based global health service giant Cigna Corporation, for NZD 700 million, or AUD 644 million. The sale aligns with ANZ's strategy of disposing of noncore assets, simplifying the group structure and continuing to ease capital requirements from holding these businesses. Expected to complete in fiscal 2019, the sale is subject to regulatory approval, which we don’t anticipate to be a problem. Under t...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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