Ahead of the indicative bid date on June 9 for ANZ's wealth business several interested parties have already met with management.
Earlier this year Alexis George, Group Executive, Wealth Australia at ANZ said that the bank will not just sell the unit to the «highest bidder,» as it also looks for a long-term partner.
According to AFR's Street Talk (behind paywall) management meetings headlined by George have occurred in recent weeks ahead of the indicative bid date. The report claims that sources said George was accompanied by advisers from Goldman Sachs, several of her direct reports and members of ANZ's internal mergers and acquisitions team.
Runners And Riders
Recent interim results showed ANZ's wealth division posted a 30 percent drop in profit to $123 million for the six months ended March 31, compared to the same period a year earlier.
Analysts have suggested the bank could take in as much as $4.5 billion for the wealth unit in its entirety.
The high profile auction has attracted a strong ine-up of potential suitors. Pan-Asian life insurer AIA Group is working with Citigroup and Deutsche Bank, Zurich has aligned with Credit Suisse, Metlife which has mandated Morgan Stanley, and Dai-Ichi Life-owned TAL is working with Greenhill Australia.
Those who make it through to the second round of the sale should be told towards the end of June.
