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.
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