ANZ to mop up the rest of ING
ANZ has moved to acquire the 49% of ING in Australia and New Zealand that it doesn't already own for A$1.76 billion.
Friday, 25 September 2009
In New Zealand this will see ING NZ become a wholly owned subsidiary of ANZ National Bank.
The deal will see ANZ National acquiring ING NZ's funds management (including investment management) and life insurance businesses in New Zealand, as well as ING's listed property trusts management companies.
Helen Troup will continue as chief executive of ING NZ.
"The acquisition will strengthen our wealth management position in New Zealand by increasing our funds management and life insurance capabilities, currently offered to customers through our ANZ and The National Bank brands," ANZ's New Zealand chief executive Jenny Fagg says.
"It will give us the flexibility to pursue further growth opportunities in a sector we know well through our direct involvement and as an existing shareholder in ING NZ.
Accelerated growth in the past five years has put ING NZ in leading market positions in funds management, life insurance and listed property trusts.
ING NZ has total funds under management of around $7 billion. The combined funds under management for ANZ National and ING NZ will be approximately $12 billion.
An agreement had been entered into with ING Group allowing the continued use of the ING brand for up to 12 months.
ANZ National has also agreed to purchase ING Group's interests in the ING NZ Diversified Yield Fund and Regular Income Fund for A$55 million.
Completion of the transaction is subject to regulatory approvals in Australia and New Zealand and is anticipated in the fourth quarter of 2009.
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