ANZ completes sale of OnePath P&I to IOOF Holdings

SYDNEY: Australia and New Zealand Banking Group (ANZ) announced it had successfully completed the sale of its OnePath Pensions & Investments (OnePath P&I) business to IOOF Holdings Limited (IOOF).

The final sale price of $850 million included $25 million that ANZ had already received for the sale of its Aligned Dealer Groups in October 2018. ANZ estimates proceeds from the transaction will increase its CET1 capital ratio by 20 basis points.

This business has been reported within ANZ’s financial results as part of Discontinued Operations since 1H18.This successful transaction also completes ANZ’s multi-year strategy to simplify its Wealth business which began in 2016.