ANZ committed to investments and funds management

The bank earlier this year announced it had signed non-binding memorandums of understanding with the two firms to see what expertise it could tap into.

ANZ chief executive Antonia Watson says the bank isn’t looking to exit its funds management and investment business.

“We are very committed to that business, it's a really important part of our customers’ financial wellbeing journey in terms of both saving for their retirement and saving for their first home, so it fits beautifully in the banking portfolio.”

“Whilst we are a very, very large investor from a New Zealand sense, we're the largest private investor in New Zealand, we're still pretty small on a global scale and there are big global players that can help us make sure that we are a best practice investor.