ANZ Bank announced the sale of its OnePath pensions and investments and aligned dealer groups business to IOOF Holdings in October. The disposal of the bank's life insurance unit is now said to be imminent.
Reports from Australia claim that ANZ is nearing the final stage of protracted negotiations for the sale of its life insurance business. Analysts have valued ANZ's life busines at between $2.5 billion to $3 billion.
The «Australian Financial Review» (Paywall), cites sources as saying Zurich was now in prime position and was working with its adviser Credit Suisse to conclude a deal. ANZ is being advised by Goldman Sachs. Other potential suitors, American International Group and Metlife now appear to be out of the running.
ANZ had initially hoped to divest its wealth business in one simple sale but surprised the market when it announced it was selling its superannuation and financial planning businesses to IOOF Holdings for $975 million.
