ANZ is understood to be getting selective as it seeks to find a buyer for its $4 billion wealth management operation.
Information memorandums which went out in early April are circulating amongst the interested parties for what looks like becoming a protracted sales process.
Goldman Sachs is handling the potentially massive sale for Melbourne headquartered ANZ. The bank is due to issue its interim profit results on May 2 which might have an influence on potential suitors.
However, according to a recent report from «The Australian» not all of the interested parties are meeting the stringent criteria.
Japanese in Driving Seat
ANZ is not interested in offers from private equity, given its desire to strike a long-term «white-labelling agreement» where the wealth products are sold under the ANZ brand but constructed by the potential new owner.
The report suggests that a Japanese financial services outfit will likely be ANZ’s choice for its wealth unit.
As finews.asia has reported several Japanese firms such as Dai-ichi, MS&AD Insurance Group and Meiji Yasuda Life, are interested and are keen to expand outside of their moribund domestic market
U.S. giant Metlife, advised by Morgan Stanley, AIA, advised by Deutsche and Zurich, advised by Credit Suisse, are also believed to be eager participants.
Chinese Interest Curtailed
A domestic party is also lining up for the portfolio with Macquarie along with UBS-advised AMP as its joint venture partner.
Chinese parties however have supposedly been denied access because they do not have a history of working with the Australian Securities and Investments Commission, (ASIC).
One Chinese party that was eager to participate early on in the contest was insurer Ping An, but the group walked away once told that without an Australian presence and history working with regulators, their efforts to buy ANZ Wealth would be in vain.
