ANZ has restructured its wealth business and says it is committed to this market.
Key parts of wealth, including financial planning and private banking, now are part of ANZ's retail banking division. Group chief executive Shayne Elliott said the changes were not intended to pave the way for a sale of its wealth assets.
Instead, he told the SMH the restructure would improve the bank's ability to sell products such as life insurance, superannuation or financial advice.
"This is absolutely not a retreat away; it's just a next step in the evolution. We want to be more aligned at the front; we want our go-to-market position to be better, and that's what it's about," he said.
"I don't see a future for ANZ that doesn't include us providing those services to customers."
The move is part of the bank's focus on "attractive areas where we can carve out a winning position."
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