ANZ has completed its divestment from its pension and investment business offering OnePath.
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.