The much touted sale of ANZ's Australian wealth unit is about to see the the field of suitors cut from three to two.
A report from the Australian Financial Review (behind paywall) claims AIA Group has withdrawn from ANZ Banking Group's auction of its wealth business which has been valued at as much as $5 billion.
finews.asia has been following the deal closely as the Melbourne headquartered bank, under the leadership of CEO Shayne Elliott, restructures the institution.
USA or Switzerland
If confirmed, the action would leave Metlife from the U.S. and Swiss insurance giant Zurich, who both made it through to the second round to fight it out.
While the pan-Asian life insurer has not formally announced it has pulled out of the ANZ sale process, it is not expected to tender a final bid next month, the article states.
Pure Insurance Deal Preferred
Instead AIA is understood to be focused on preparing a final offer for Commonwealth Bank of Australia's life insurance unit which finews.asia recently featured.
The wealth unit for sale at ANZ' includes life insurance operations and the funds management arm.
