The divestment of OnePath Pensions & Investments to IOOF Holdings Ltd had an $850 million price tag, which ANZ reported as including around $25 million for the sale of ANZ’s Aligned Dealer Groups back in October 2018.

According to the big four bank, the “successfully completed” transaction is expected to see proceeds boost ANZ’s CET1 capital ratio by around 20 basis points.

The ongoing deal has been reported within ANZ’s financial results as part of discontinued operations since the first half of 2018.

OnePath is an investment, insurance and superannuation financial services provider, and the divestment “completes ANZ’s multiyear strategy to simplify its wealth business, which began in 2016”.

It’s not the only big four bank to divest itself from wealth and advice interests. The Commonwealth Bank of Australia finalised its divestment with Colonial First State last year.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

more on this topic

Banking

Central banks set to influence global markets with key rate decisions

In a week that could define the economic landscape for the remainder of the year, central banks across the globe are poised to make significant interest rate decisions. State Street Investment ...Read more

Banking

Global payment companies see 8% revenue growth in 2025, GlobalData reports

The global payments industry demonstrated robust growth in 2025, with the top 20 publicly listed payment companies reporting an 8% increase in combined revenue, totalling $280 billion. This growth, as ...Read more

Banking

Banks urged to embrace existing payment technologies over AI hype

In the rapidly evolving landscape of financial technology, the focus has increasingly shifted towards artificial intelligence (AI) as the next frontier for innovation. However, Ian Boyd, General ...Read more

Banking

EMEA banks enjoy profit growth amid revenue challenges in 2025

In a year marked by economic turbulence and geopolitical uncertainties, the largest banks across Europe, the Middle East, and Africa (EMEA) have reported a paradoxical trend: shrinking or stagnant ...Read more

Banking

Australian major banks demonstrate resilience amid economic uncertainty

In the face of economic headwinds, Australia's major banks have reported robust half-year results, showcasing their resilience amid rising uncertainty. According to KPMG’s Australian Major Banks Half ...Read more

Banking

RBA's new ruling on card surcharges sparks debate among businesses and banks

In a significant move aimed at enhancing transparency and fairness in the Australian payments landscape, the Reserve Bank of Australia (RBA) has announced the removal of surcharging on debit, prepaid, ...Read more

Banking

Australian SMBs lose two business weeks annually to late payments, report finds

In a startling revelation, the latest report by GoCardless, a global bank payment company, highlights the crippling impact of late payments on small and medium businesses (SMBs) across AustraliaRead more

Banking

Brighten’s reverse‑mortgage bet: why a niche product could be non‑banks’ next profit engine

Brighten has created a dedicated reverse‑mortgage leadership post, signalling a strategic push into equity release as Australia’s demographic curve tilts older and wealth concentrates in housingRead more