ANZ to offload dealer groups to IOOF

ANZ sold OnePath aligned dealer groups (Millenium3, RI Advice, Elders Financial Planning, and Financial Service Partners) as well as the pensions and investments business for $975 million and will enter into a "20-year strategic alliance" with IOOF to make the latter's superannuation and investment products available to ANZ's customers, the bank said in a statement.

The move is part of the bank's strategy to "create a simpler, better balanced bank", the statement said, and, according to ANZ group executive of wealth Australia Alexis George, will benefit both customers and shareholders.

“Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future," Ms George said.

“By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products from a specialist provider with the right cultural fit, financial strength and digital capability."

The sale of OnePath P&I and its aligned dealer groups will also provide the bank with "greater flexibility to consider options for the life insurance business", Ms George said, including strategic and capital markets solutions.