AMP disappearing from NZ

The once powerful AMP brand is slowing disappearing from the New Zealand market.

Wednesday, December 22nd 2021, 9:23AM 2 Comments

The company has announced that it plans to relinquish its listing on the NZ stock exchange, but will remain listed in Australia on the ASX.

It says the delisting will support the simplification of AMP’s shareholder administration ahead of the planned demerger of its Private Markets business in the first half of 2022.

"The delisting reflects the smaller number, and lower level of holdings of AMP shareholders on the New Zealand Exchange," it says in a NZX. statement.

When AMP demutualised in 1988 it had close to 300,000 New Zealand shareholders.

AMP will stop trading on 2 February next year and delist on 4 February, after which trading would have to be done through a New Zealand sharebroker registered with the ASX.

Meanwhile, policyholders have also been told the AMP Life brand name is to go; replaced by Resolution Life.

"Resolution Life has commenced a wholesale rebrand that will see AMP Life completely transition to Resolution Life," it says.

 

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Comments from our readers

On 22 December 2021 at 4:24 pm j foster said:
I thought this was related to a theme from Dickens’ A Christmas Carol - that is a voice of Christmas past.

Could the headline have been written around 2008 when one could say AMP effectively decided to withdraw from most of the market.
On 23 December 2021 at 11:15 am Amused said:
@ j foster

Yes, this headline "AMP disappearing from NZ" could very well have been written back in 2008. Any adviser at the time could see the writing was on the wall for where AMP as a company was ultimately headed.
*edited*

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