AMP Looking to Bid for ANZ Wealth Business

Australian financial services giant AMP is considering a bid for the Australian wealth management business of ANZ Banking group.

According to a report in the Australian Financial Review (paywall) AMP is said to be assembling a dedicated team to work on the potential acquisition.

ANZ's Chief Executive Shayne Elliott said earlier that the bank had received several unsolicited approaches from potential buyers of the wealth arm as a whole or its individual parts.

Japanese Interest

ANZ is said to have instructed Goldman Sachs and Melbourne-based boutique Flagstaff Partners to lead the sale of its domestic wealth and insurance business units.

Acquisitive Japanese insurers such as Dai Ichi and Meiji Yasuda who are struggling for growth in their domestic market, are known to be keen on the insurance arm of ANZ's wealth unit.

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