ANZ Sells Share Trading Unit
ANZ bank sold an online trading platform to a New Zealand-based investment firm. The transaction is the latest in a string of divestments as the bank continues to simplify its business.
First NZ Capital (FNZC) has agreed to buy ANZ Bank New Zealand's online trading platform for an undisclosed sum. On completion of the transaction, the platform will be operated by FNZC and renamed Direct Broking. The deal is expected to be completed during the second half of 2018, FNZC said in a press release.
The Minimalist Bank
The deal will see ANZ and FNZC combining to provide access to capital markets. The deal enables ANZ to simplify its business, while ensuring its clients have access to online trading, and provides FNZC entry into a new market segment. The business will be headed by Fiona Mackenzie, and FNZC promised considerable investment in the firm.
«ANZ recognizes it does not need to own the technology required to provide our customers access to a share trading solution,» said Paul Goodwin, the bank's head of institutional business in New Zealand.
Under CEO Shayne Elliott, ANZ has disposed of business units in Singapore, Hong Kong, Taiwan, Malaysia, China, Indonesia and the Philippines. In October this year, the Melbourne-based bank sold a part of its wealth management unit in Australia to IOOF Holdings for $975 million.
