
ANZ has made its long awaited move into wealth management in Australia by buying out its joint venture partner ING in its existing domestic business for $1.76 billion.
The deal cements a long-awaited and missing piece in the big-four bank's operations, which chief executive Mike Smith flagged on his arrival two years ago as a "must" purchase in its expansion plans.
The bank's stock was higher when trade resumed today, up 0.2 per cent, or 5 cents, to $23.54.
Under the terms of today's deal, ANZ will buy ING's 51 per cent stake in their wealth management and life insurance operation for $1.76 billion, according to a statement released by the bank.
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