ANZ buys out remaining stake in ING joint venture
ANZ has taken total control of its wealth management and life insurance joint venture with ING in Australia and New Zealand.
ANZ confirmed to the Australian Securities Exchange (ASX) today that it had acquired the remaining 51 per cent of the joint venture from ING for $1,760 million.
Commenting on the move, ANZ chief executive Mike Smith said the move to full ownership significantly strengthened the banking group’s position in wealth management.
AUTHOR
Mike Taylor
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