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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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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
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Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
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Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
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TSB Bank 9.44 8.04 7.55 7.45
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TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
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Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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