• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

ANZ takes less for OnePath

18 October 2019 5:12PM
ANZ has dropped the sale price of its OnePath Pensions and Investments business and aligned dealer group, which is being sold to IOOF Holdings.When the sale was first announced in October 2017, the price was A$975 million. But yesterday the bank announced that it had dropped to $850 million.ANZ said in a statement to the ASX: "The revised terms reflect changing market conditions and include lower overall warranty caps, as well as some changes to the strategic alliance arrangements."The bank expects the sale to be finalised in the March quarter next year. Completion of the transaction will increase ANZ's common equity tier 1 capital ratio by about 20 basis points.In June, the bank completed the sale of the other part of the OnePath business, OnePath Life, to Zurich Financial Services Australia.That deal was worth $2.85 billion. Terms of the sale include a 20-year agreement for Zurich to provide life insurance products to ANZ customers through the bank's distribution channels.Five hundred ANZ staff joined Zurich.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use