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ANZ to pitch potential sale of wealth management biz 'shortly,' says CEO

Australia & New Zealand Banking Group Ltd. is set to issue information on a potential sale of its Australian wealth business, but is still open to the structure of the possible sale.

In an interview with BlueNotes, CEO Shayne Elliott said the bank will be putting out an information memorandum shortly and that would be the starting point for discussion with potential suitors. The bank may opt for a partner that would create the wealth products it offers to customers, allowing the bank to stay in the business. Elliott said the bank is seeking a partner that is "world class in terms of manufacturing and supplying product."

Another option that the bank is looking at is listing all or part of its wealth business on the local stock exchange.

Elliott expects the exploration process to take time, adding that any major announcement in 2017 regarding the wealth business is unlikely.

The bank announced in November 2016 that it is considering the sale of its Australian wealth business after a strategic review found that it does not need to manufacture life and investment products.

BlueNotes is a publication of ANZ's newsroom.