An information memorandum for potential buyers of the ANZ Wealth business is about to be distributed.
In the latest update on the potential suitors for the business, Australian publication «AFR» (paywall) claims that interested parties will finally get to see details of the transaction's structure and timeline.
According to ANZ's recent results the assets have an embedded value of 4.5 billion Australian dollars and it is known that CEO Shayne Elliott is seeking a price at least that high.
An initial public offering apparently would not be ruled out, if offers come up short.
A Growing Field of Runners
In the latest news on potential purchasers, New York based MetLife is understood to have chosen J.P.Morgan to run the rule over the numbers.
As finews.asia reported recently the transaction is attracting numerous bidders. Among the growing list of 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 and Meiji Yasuda Life are known to also be keen.
Goldman Sachs is advising ANZ on the wealth auction.
