ANZ again canvasses wealth float
ANZ Banking Group has sought to dampen continuing speculation around the possible sale of its life insurance, superannuation, investment and advice business but, in doing so, has further canvassed floating it off in an initial public offering.
The big banking group went to the trouble yesterday of releasing a statement to the Australian Securities Exchange (ASX) in which it noted what it described as increased media speculation relating to the possible divestment of its wealth business – something which it flagged to the market earlier this year.
However, it said it did not comment on media speculation, before adding that “the process is ongoing and ANZ remains in discussion with a number of parties as it continues to work through its options”.
The ANZ statement then added: “This includes exploring capital market solutions to create a stand-alone business”.
The statement ended on the note that the banking group would continue to take a disciplined approach to the process and would update the market as appropriate.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.