Advisers should see no impact from review: ANZ
ANZ says advisers should not be affected as it looks at options for the New Zealand OnePath business in the new year.
Monday, November 14th 2016, 6:00AM
by Susan Edmunds
When announcing its financial results last week, the group said it was considering selling off its insurance, advice, superannuation and investments business in Australia for as much a A$4.5 billion.
It said a review had shown that it does not need to be a manufacturer of life and investment products.
In New Zealand, ANZ is the country's biggest KiwiSaver provider, rebranded as ANZ Investments from OnePath in 2013. OnePath continues to offer insurance products to New Zealanders. It is the fifth-largest life insurance provider in the country, according to the bank.
When announcing the New Zealand results, its local chief executive David Hisco said there were no plans to review the ownership of the wealth business in New Zealand "at this stage".
But that does not mean any change is off the cards.
ANZ group chief executive Shayne Elliott said the position of the New Zealand wealth business would be considered separately next year.
A spokeswoman said the bank was exploring a range of possible strategic and capital market options for the future of the Australian wealth business but New Zealand was not part of that process.
She said when the New Zealand business was considered, it would be an "opportunity to consider way we can further extend our current market-leading position".
She said the wealth businesses in Australia and New Zealand were very different.
"Here in New Zealand, we’ve already fully integrated our wealth business with ANZ’s retail and business banking operations, reflecting that many of our customers are the same."
She said any review was not expected to have any impact on the adviser force in New Zealand.
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