ANZ’s agreement to acquire remaining shareholding in ING Australia and New Zealand Joint Ventures
25 September 2009
- On 25 September, ANZ announced it had reached agreement with ING Group's to acquire ING’s 51% shareholdings in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand for $1,760 million.
- Moving to full ownership of the wealth management and insurance joint ventures significantly strengthens ANZ’s position in wealth management with a business we know very well.
- The acquisition brings certainty to our wealth management position and provides additional flexibility for growth.
- Following the acquisition ANZ will be:
- Number 3 in life insurance in Australia.
- Number 5 in retail funds management in Australia and the leading position in New Zealand with total funds under management of $45 billion as at 31 July 2009.
- A strong distribution network with 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.
- As part of the transaction, ANZ has entered into a transitional services agreement with ING Group which includes continued use of the ING brand for a period of up to 12 months.
What will the acquisition mean for our customers?
- ANZ has owned 49% of ING Australia and ING New Zealand since 2002 so the announcement today to move to full ownership isn’t a major change and for customers, its very much business as usual.
- The business will continue to operate as a specialist wealth management and protection business as it does now.
- Under the transitional services agreement, the business will continue to use ING Investment Management as it is preferred provider of asset management services.
- There are no changes to policy commitments and service arrangements that are in place with existing customers.
- Customers will still deal with the same adviser as they always have.
- ANZ Financial Planners will continue to offer advice as they always have.
- Customers will continue to be informed of any changes that are made.
What will happen next?
- The acquisition is subject to regulatory approval in Australia and New Zealand.
- We expect the acquisition to be completed by the end of the year.
- In the meantime, nothing will change, ING and ANZ customers will continue to deal with the same people in the same way.
- If you are interested in more information about ANZ’s agreement to acquire the remaining shareholding in the ING Joint Ventures in Australia, please visit our website at www.anz.com
ANZ customer feedback:
Customers who wish to provide feedback about these matters in writing can email: Media.email@example.com or send a letter to:
Corporate Communications, ANZ
100 Queen Street Melbourne 3000
Australia and New Zealand Banking Group Limited
ANZ shareholder Feedback:
ANZ shareholders who wish to provide feedback can contact Investor Relations at:
firstname.lastname@example.org or send a letter to:
Investor Relations, ANZ, Level 22,
100 Queen Street, Melbourne 3000 Australia
ANZ media queries:
Group General Manager Corporate Communications
Ph: +61 (0) 3 9273 6955
Email: Paul Edwards
Senior Manager Corporate communications
Ph: +61 (2) 9227 1026
Email: Kevin Foley