Esanda moved under bank guarantee umbrella
Around $13 billion in assets will be moved onto the ANZ balance sheet as a result of a move announced today for Esanda Finance Corporation to transition from a wholly-owned subsidiary to being a division of the banking group over the next three months.
At the same time, Esanda debenture holders will be moving under the umbrella of the Government’s Bank Guarantee.
Esanda is 100 per cent owned by ANZ and its earnings and balance sheet are already consolidated with ANZ Group for reporting purposes.
Outlining the benefits of the move, ANZ said the transition would involve the launch of the Esanda Term Deposit issued by ANZ, which carried the bank guarantee and maintenance of all existing Esanda Debentures, albeit that no new Esanda Debentures would be issued.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
