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Friday 20th November 2009 |
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Australia New Zealand Banking Group, the parent bank of ANZ and National Banks, intends to sell its custodian services businesses in Australasia to investment bank JP Morgan.
ANZ’s group managing director Shayne Elliott said in a statement the move is part of the bank refocusing its institutional businesses on its “core banking priorities in Australia, New Zealand and Asia.”
Custody services are the safe-keeping and processing of global securities trading and servicing the associated portfolios.
“Custodian services is increasingly a global scale business and JP Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients,” he said in a statement.
The transaction is expected to be completed before the end of the year, subject to regulatory approvals. Business and staff will be transferred next year.
JP Morgan has some US$14.9 trillion in assets under custody and US$5.1 trillion in assets under administration.
Businesswire.co.nz
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