ANZ still committed to wealth customers: George

ANZ remains committed to providing wealth products to its customers, wealth boss Alexis George says, just not as the manufacturer, in the wake of a deal which will see the bank hand ownership of part of its wealth business to IOOF.

" We’ve still got customers out there that we need to serve.” - Alexis George, ANZ Group Executive Wealth

Speaking to bluenotes on video, ANZ’s Group Executive Wealth said as the sale process went on it became clear all parties would benefit from a separation of the group’s insurance and superannuation arms.

“We’ve still got customers out there that we need to serve,” she said. “But we really found out that during the process it’s better if we separate the businesses. It gives us a much cleaner look at what we do in insurance.”

George said ANZ had succeeded in its goal to find a partner dedicated to investing in a long-term relationship on wealth.

“That is exactly what IOOF is,” she said. “They’re a big player in advice… and absolutely committed to the Australian market.” 

As part of agreement, ANZ will sell its OnePath pension and investments business and aligned dealer groups to IOOF for $A975 million. A 20-year strategic alliance between the companies around superannuation and investment products has also been struck.

George said a separated insurance business would increase future opportunities for the division.

“We need to look for alternatives for [the business],” she said. “It may take some time.”

George also touched on ongoing transformation in the insurance marketplace and clarification around planners who will remain with ANZ. Watch the video above to find out more.

Andrew Cornell is managing editor at bluenotes