In an effort to outwit the competition, top level negotiations were held late last year by one of the interested parties and ANZ for the sale of its remaining wealth business, an Australian publication has revealed.
The «Australian Financial Review» (paywall) reports that Australian financial services company AMP supported by UBS, tried to open negotiations in advance of the auction starting in March, and made an unsolicited approach to ANZ for its wealth operations in late December.
Under the leadership of Shayne Elliott, ANZ is in the process of high-profile divestments, is expecting to book about $4.5 billion from the wealth division sale.
Price Tag Stumbling Block
The report says AMP and ANZ held high-level talks on the former's proposal but the sticking point was the price tag on the life insurance component of the bank's business.
Goldman Sachs is advising ANZ on the wealth auction and sale documents are expected to be with potential buyers in mid-to-late March.
Interested Parties
finews.asia reported that among the suitors expected to bid for the ANZ wealth unit, Zurich Insurance Group, AIA Group, and MetLife have already expressed an interest and acquisitive Japanese firms Dai-Ichi Life, MS&AD Insurance Group and Meiji Yasuda Life are known to also be keen on the business.
Late last year ANZ and Singapore's DBS surprised markets when the Singaporean bank acquired ANZ’s wealth management and retail banking business in Singapore, Hong Kong, China, Taiwan and Indonesia.
