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Report: AMP considers A$2B sale of banking division to raise capital

AMP Ltd. is in talks with investment bankers about a A$2 billion sale of its banking division, The Australian reported Aug. 7.

The potential sale of the banking division is one of the options that AMP is considering to raise fresh capital. The report came after the Australian wealth manager said in July that the pending A$3.3 billion sale of its AMP Life insurance unit to Resolution Life was "highly unlikely" to proceed.

A sale of the banking unit could attract interest from Australia's big four banks, Commonwealth Bank of Australia, Australia & New Zealand Banking Group Ltd., Westpac Banking Corp. and National Australia Bank Ltd., as well as from banks in Japan and China, sources told the newspaper.

Meanwhile, AMP also has an option to split up its life insurance business and only sell a portion of the book. Francesco De Ferrari, CEO of the company, and advisers are also believed to be working on reviving the life insurance deal, according to the report.