IOOF Holdings Ltd. secured approvals from the Australian Prudential Regulation Authority to proceed with its proposed acquisition of Australia & New Zealand Banking Group Ltd.'s pension and investment business, according to a Dec. 9 press release.

The regulator approved IOOF to hold a controlling stake in ANZ's OnePath Custodians Pty. Ltd. and Oasis Fund Management Ltd., which are owned by ANZ.

In approving the deal, APRA said its decision recognizes IOOF's progress in strengthening governance structures and management of conflicts within its existing registrable superannuation entity licensees, in response to additional licence conditions imposed by the regulator in December 2018.

The approvals were the final requirements in relation to the proposed deal. The Australian banking group had agreed to sell ANZ Wealth Pension and Investments to IOOF for A$975 million before reducing the purchase price to A$850 million in October.

The deal is expected to be completed Jan. 31, 2020.