ANZ has announced the completion of the sale of its OnePath Pensions & Investments (OnePath P&I) business to IOOF Holdings Limited (IOOF). The transaction concluded with a final sale price of $850 million, which included approximately $25 million already received by ANZ for the sale of its Aligned Dealer Groups in October 2018.
ANZ projects that proceeds from this transaction will enhance its CET1 capital ratio by around 20 basis points. Since the first half of 2018, this business has been reported within ANZ’s financial results as part of Discontinued Operations.
The completion of this sale marks the conclusion of ANZ's multi-year strategy to streamline its Wealth business, a process initiated in 2016.