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ANZ keeping OnePath

ANZ New Zealand chief executive David Hisco says the bank is not looking to sell the OnePath life insurance business.

Friday, November 10th 2017, 11:06AM

Earlier the bank had announced it was looking at options for its ANZ Wealth business, which includes OnePath. This review covered the businesses in Australia and New Zealand.

However, Hisco says ANZ wasn't planning to sell OnePath in New Zealand.

The bank has been approached by companies about its New Zealand life insurance business; talked to various parties, but there is no decision to sell.

"Our New Zealand insurance business has strong fundamentals and we have clear plans to pursue future growth."

He said the New Zealand business was different to the Australian operations, and the local arm generates a good return for the bank.

As reported earlier ANZ in Australia has agreed to sell its Australian OnePath pensions, investments and aligned dealer groups business to IOOF in a deal 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 bank is, reportedly, still looking at options for the Australian life insurance business.

Tags: ANZ David Hisco IOOF OnePath

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