ANZ provides update on OnePath P&I sale to IOOF

ANZ today confirmed the Australian Prudential Regulation Authority (APRA) had approved the sale of ANZ’s OnePath Pensions & Investments (OnePath P&I) business to IOOF Holdings Limited (IOOF).

With regulatory approval now provided, ANZ still expects the transaction to be completed in the first quarter of calendar year 2020 and estimates it will increase ANZ’s APRA CET1 capital ratio by ~20 basis points.

The approval comes after the Independent Trustee (OnePath Custodians) and ANZ both confirmed no objection to the transaction in October.[1]

[1] Update on OnePath P&I sale to IOOF – 17 October 2019

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