On 25 September, ANZ announced it had reached agreement with ING Group to acquire ING’s 51% shareholdings in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand.

The acquisition provides an established growth platform with strong distribution around 1,700 aligned financial advisers in Australia and New Zealand, relationships with non-aligned planners and existing distribution through the ANZ network.

In Australia ANZ is not acquiring the ING Investment Management business, which remains wholly owned by ING Group. ING Investment Management will continue to be the preferred provider of asset management services to the businesses after the transaction. 

In New Zealand, the acquisition includes the Investment Management business of ING NZ which under the existing joint venture has been providing ANZ National with investment management services.

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