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IOOF Holdings Provides Update on the ANZ P&I Business Transaction

13 May 2019  |  09:57:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Update on the ANZ P&I business transaction

IOOF Holdings provided an update on the progress of the acquisition of Australia and NZ Banking Group One Path Pensions and Investments (P&I) business (P&I Acquisition). The successor funds transfer (SFT), which was necessary to separate the ANZ P&I business products from OnePath Life and which was a condition to completion of the P&I Acquisition, has been completed. The coupon rate of 14.4% p.a. on the debt note subscribed by the Company from ANZ was re-set to 2%. The note is able to be redeemed by the Company.

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