ANZ Banking Group is considering a complete divestment of its wealth and life insurance units for up to $6bn. The development comes as the bank attempts to move towards a simplified approach, selling its online broking arm and a range of minority stakes throughout Asia. In an interview with Fairfax Media, chief executive Shayne Elliott said ANZ's decision was not driven by any particular political or social agenda.
ANZ Banking Group is considering a complete divestment of its wealth and life insurance units for up to $6bn. The development comes as the bank attempts to move towards a simplified approach, selling its online broking arm and a range of minority stakes throughout Asia. ANZ is reportedly not seeking to maintain any minority shares of the units and, instead, will seek a clean break from its wealth management arm after finalising its review in August.