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ANZ sells sharetrading business to FNZC

Monday, November 20th 2017, 12:00PM

ANZ is selling its online share trading business to First New Zealand Capital as it continues to "simplify its business."

"ANZ recognises it does not need to own the technology required to provide our customers access to a share trading solution,” ANZ Managing Director Institutional, Paul Goodwin says.

It has entered a strategic alliance with First NZ Capital and as part of the deal it will retain a retail distribution platform through the agreement. The FNZC service will be called Direct Broking, ironically the original name of the business.

“Share trading remains an important customer proposition and this alliance will allow our customers to trade with a world-class organisation,” Goodwin says.

ANZ New Zealand Securities Limited will continue to offer current services until the sale is complete. The sale is subject to closing steps and conditions. The sale has no impact on other banking services offered by ANZ, including KiwiSaver and managed investment funds.

FNZC chief executive James Lee said: “The alliance follows on with our recent hire of Fiona Mackenzie as head of Direct Wealth and demonstrates our commitment to provide New Zealand retail investors access to FNZC’s market leading trading capabilities via a world-class platform."

The deal is expected to be completed during the second half of 2018.

Tags: ANZ FNZC

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Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.79 4.99 5.35
ANZ Special - 4.29 4.49 4.85
ASB Bank 5.80 4.69 4.89 5.19
ASB Bank Special - 4.29 4.49 4.79
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.29 4.49 4.85
BNZ - Std, FlyBuys 5.90 4.89 5.05 5.49
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.79 5.05 5.29
HSBC Premier 5.89 4.19 4.29 4.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.69 4.89 5.35
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.19 4.39 4.85
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 4.49 4.85
Sovereign 5.90 4.69 4.89 5.19
Sovereign Special - 4.29 4.49 4.79
The Co-operative Bank - Owner Occ 5.75 ▼4.24 4.49 4.85
The Co-operative Bank - Standard 5.75 ▼4.74 4.99 5.35
TSB Bank 5.80 4.74 4.99 5.35
TSB Special - 4.24 4.49 4.85
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.05 5.44
Westpac - Offset 5.95 - - -
Westpac Special - 4.29 4.49 4.85
Median 5.87 4.69 4.89 5.19

Last updated: 18 July 2018 9:08am

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