It has been an interesting week for Australian bank ANZ. On Monday it agreed a deal with Singaporean bank DBS to dispose of its Asian wealth units. Now it appears the bank has hired Goldman Sachs for another deal.
According to a report from the Australian Financial Review (behind paywall) the bank has appointed Goldman Sachs to lead the sale. Also involved in any transaction will be the Melbourne-based boutique Flagstaff Partners.
Insurance Units Next to go?
Flagstaff has worked with ANZ on several occasions including as a financial adviser to the ANZ Banking Group on the sale of ANZ Trustees to Equity Trustees. It also acted as a financial adviser on the acquisition of the remaining 51 percent shareholding in the ANZ-ING wealth management and life insurance joint venture.
