ANZ to buy out its stake in ING JVs


As part of the agreement reached between the companies, ANZ would acquire ING’s 51 per cent shareholding in the ANZ-ING wealth management and life insurance joint ventures in Australia and New Zealand. The transaction is expected to result in a profit of 300 million euros for ING.

Currently, ANZ holds 49 per cent each in both the joint ventures. The deal, subject to regulatory approvals, is anticipated to close in the fourth quarter of 2009.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry