Deals
ANZ Narrows Bidders in $3 Billion Sale of Wealth Business
- AIA, MetLife, Zurich invited to make final offers by Sept. 15
- Australian lender to pick partner by end of 2017, CEO says
Shayne Elliott.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
Australia & New Zealand Banking Group Ltd. has narrowed the list of bidders for its wealth unit, which could fetch more than A$4 billion ($3 billion), people with knowledge of the matter said.
The Melbourne-based bank has invited AIA Group Ltd., MetLife Inc. and Zurich Insurance Group AG to make second-round offers for the business by Sept. 15, according to the people. Shortlisted bidders will now conduct detailed due diligence and hold meetings with the unit’s management, the people said, asking not to be identified because the details are private.