It has signed a deal with IOOF worth A$975 million ($1.067 billion).
It would involve a 20-year strategic alliance to make available IOOF superannuation and investment products to ANZ customers.
The deal includes the OnePath P&I business with A$48b in FUM, wrap platforms, the ADG adviser group businesses.
It does not include the OnePath life insurance book, general book, life company products or ANZ Financial Planning advisers.
ANZ group executive wealth Australia Alexis George said: "Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future.
"By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products from a specialist provider with the right cultural fit, financial strength and digital capability.
"The sale of our P&I and ADG businesses provides ANZ with greater flexibilityh to consider options for the life insurance business, including strategic and capital markets solutions."
A spokeswoman for ANZ in New Zealand said the sale had no impact on the New Zealand business, including OnePath.
Asked whether there was any update on the potential sale of the OnePath business in this country, she said: “It’s business as usual here in New Zealand. ANZ Insurance and OnePath are performing well and we’re focused on growing the business.”
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