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ANZ to flick off Custodian Services to JP Morgan
ANZ to flick off Custodian Services to JP Morgan
Nov. 20 (BusinessWire) – 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) 14:54:17
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