ANZ Bank is considering selling off key parts of its wealth management business after it launched a strategic overview of the business because of disappointing returns.
Announcing an 18 per cent fall in profit to $5.9 billion, due to one-off charges that had previously been flagged, it said the wealth review kicked off earlier this year had found the bank “does not need to be a manufacturer of life and investments products.”
Following National Australia Bank’s move to sell most of its life insurance arm, ANZ said it was open to selling off a wider range of wealth businesses covering financial advice, insurance and superannuation.
The d…
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