ANZ DBS Wealth Deal Imminent

Shayne Elliott, ANZ CEO

Shayne Elliott, ANZ CEO

After months of speculation surrounding its wealth management units, it appears that ANZ has agreed a deal with an Asian bank. ANZ has requested a trading halt and a formal announcement will be made today. finews.asia will bring the full details. 

ANZ shares went into a trading halt on Monday morning ahead of the expected announcement from Chief Executive Shayne Elliott. Elliot has been keen to unwind the Asian expansion strategy of his predecessor Mike Smith.

According to the Australian Financial Review (paywall) ANZ Banking Group is expected to say it has reached a conclusion on the future of its retail and wealth division in Asia.

It's understood ANZ has agreed a deal with Singapore's DBS Bank. The Singaporean bank is due to release its third quarter results this morning.

DBS is believed to be buying the bulk of the business, which will include ANZ's retail branches in Asia.

An DBS spokesperson refused to comment to finews.asia.

 

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