Divestment plan: The ANZ logo is displayed in the window of a central Sydney branch. The bank is divesting its wealth arm, which includes life insurance operations and fund management. — Reuters
SYDNEY: Australia & New Zealand Banking Group Ltd (ANZ) has narrowed the list of bidders for its wealth unit, which could fetch more than A$4bil (US$3bil), people with knowledge of the matter said.
The Melbourne-based bank has invited AIA Group Ltd, MetLife Inc and Zurich Insurance Group AG to make second-round offers for the business by Sept 15, according to the people. Shortlisted bidders will now conduct detailed due diligence and hold meetings with the unit’s management, the people said, asking not to be identified because the details are private.
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