ANZ Limited has arranged to sell its Custodian Services business in Australia and New Zealand to J.P. Morgan for an undisclosed sum.
Pending regulatory approval, the sales will be completed before December 31, ANZ said, with the transfer of business and staff to occur in 2010.
“This transaction continues the process of refocusing ANZ’s Institutional business on our core banking priorities in Australia, New Zealand and Asia,” group managing director Shayne Elliot said.
J.P. Morgan Worldwide Securities Service has around US$14.9 trillion ($16.2 trillion) worth of assets under custody, and US$5.1 trillion worth of assets under administration, ANZ said.
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