ANZ Chief Executive Shayne Elliott, said his bank was still going to be in the wealth business, but they will be doing it with a partner who is going to be world class in manufacturing and supplying product.
In an interview conducted by Andrew Cornell, Managing Editor of BlueNotes, ANZ’s digital publication the ANZ CEO Elliott said the bank had decided its best option was to explore partnerships and similar alternatives in a process which will roll out over 2017.
«We have an obligation to provide [wealth] solutions to our customers, we’re a natural place they can come and have a conversation about that. But that doesn’t mean we need to be manufacturing the product,» said Elliott.
«We’re not just putting a ‘for sale’ sign up, we want to partner up with someone that’s really world class,» he added.
A video of the interview can be viewed here.
Scope And Timetable of Sale
The «Australian Financial Review» (paywall) had earlier reported that the interested parties for ANZ Banking Group's wealth operations were poised to receive an information memorandum by close of business on Tuesday 4 April.
The sale papers will outline the scope of the auction and a timetable for indicative bids. Figures as high as $4.5 billion have been reported by analysts as an indicative price.
