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Report: ANZ to unveil details of wealth unit sale in 5 weeks

Australia & New Zealand Banking Group Ltd. is expected to issue an information memorandum regarding the proposed sale of its wealth unit in five weeks, The Australian Financial Review reported Jan. 19.

Zurich Insurance Group Ltd. and AIA Group Ltd. are among the interested parties, reportedly working with Credit Suisse and Deutsche Bank, respectively, in their bids for ANZ Wealth, the news outlet said.

Other potential bidders include Dai-ichi Life Holdings Inc., Meiji Yasuda Life Insurance Co., MetLife Inc. and AMP Ltd.

The Australian banking group recently sold asset finance business UDC Finance to Chinese conglomerate HNA Group and divested its 20% stake in Shanghai Rural Commercial Bank Co. Ltd.