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Member Since: 1/2006Last Seen: 11/28/2009

ANZ to buy out all of ING Joint Venture

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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.

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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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  • 1 vote
Reply#1 - Mon Sep 28, 2009 12:28 AM EDT
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