28/09/2009
ANZ announced it has reached agreement with ING Group to acquire ING Group’s 51% shareholdings in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand for A$1,760 million.
The deal strengthens ANZ’s position in wealth management and life insurance.
ANZ/ING now claim the #3 position in life insurance in Australia, #5 position in retail funds management in Australia and a leading position in New Zealand.
Total funds under management amounts to A$45 billion as at 31 July 2009.
ANZ now have complete ownership of a strong distribution network with around 1,700 aligned financial advisers in Australia, relationships with non-aligned planners and existing distribution through the ANZ network.
Source: ANZ
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