MELBOURNE, Australia--Australia & New Zealand Banking Group Ltd. (ANZ.AU) has agreed to sell part of its wealth management business to financial services firm IOOF Holdings Ltd. (IFL.AU) for 975 million Australian dollars (US$746.2 million).
The bank, one of Australia's largest lenders, said it would sell its OnePath pensions and investments business and its aligned dealer groups operation in a deal that will also see it enter a 20-year alliance with IOOF to sell the firm's investment products through its network of banks.
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The disposal is expected to lead to an accounting loss of about A$120 million but will increase the bank's common equity Tier 1 ratio by about 15 basis points, ANZ said.
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(END) Dow Jones Newswires
October 16, 2017 18:08 ET (22:08 GMT)