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ANZ flat bats $4bn wealth unit rumour

Stuart Condie  |  18 Sep 2017Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Australian and New Zealand Banking Group (ASX: ANZ) is still in discussions over the future of its wealth business amid a report it has received two overseas offers to buy it, with at least one of them worth more than $4 billion.

The lender wants to distribute life insurance, advice and superannuation products rather than manufacture them, but on Monday said it would not comment explicitly on an Australian Financial Review report that Swiss insurance giant Zurich and US group MetLife each submitted a bid last week.

"The process is ongoing and ANZ remains in discussion with a number of parties as it continues to work through its options," ANZ said in a statement.

"This includes exploring capital market solutions to create a stand-alone business."

ANZ said it will continue to take a disciplined approach and update the market as appropriate.

Its shares were trading 33 cents, or 1.1 per cent, higher at $30.21 at 1337 AEST.


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