ANZ has responded to media speculation that the bank is exploring the sale of its life insurance arm, saying it is still conducting an internal review of its wealth business to be completed later this year.
Speaking to ifa, an ANZ spokesperson said it was "not appropriate" to comment on market speculation while the review is ongoing. Reuters reported earlier this week that the bank was having discussions to sell its life insurance business.
"ANZ's chief executive Shayne Elliott announced in January that Alexis George, the managing director of the bank's Wealth Australia business, would be undertaking a strategic review of the business," the spokesperson said.
"That internal review is expected to be completed mid-year and any recommendations are expected to be considered by ANZ during the third quarter.
"It's not appropriate to comment on market speculation in the interim."
According to Reuters, ANZ is exploring plans to sell part or all of its life insurance and pension product development unit, valued at $4 billion.
In March, the bank announced it would restructure its wealth management business, with the changes to include the departure of group executive of wealth, Joyce Phillips, and the transition of ANZ Financial Planning.
In a statement, ANZ said it would "simplify" its approach to wealth management and align the wealth products and services with its retail and commercial business.
Ms Phillips departed ANZ to "pursue her successful financial services career". Other changes included the transition of ANZ Financial Planning into the retail distribution division.
Mr Elliott said: "Over the past decade, ANZ has made significant investments in its insurance, superannuation and investments business to consolidate its position as a leading player in Australia and New Zealand with strong market shares in key segments."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Jan 2019Adelaide adviser permanently banned from industryBy Eliot Hastie
- 23 Jan 2019Bowen slams ‘woeful’ handling of royal commissionBy James Mitchell
- 23 Jan 2019Gender super gap lower but still at 34%By Adrian Flores
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- view all