Australian owned bank ANZ will acquire 51% of wealth management firm ING in Australia and New Zealand.
The company announced on Friday that it would buy the company for $AU1.76 billion ($NZ2.11 billion).
The move is part of ANZ's overall strategy to expand in the Asia-Pacific Region, says Craigs Investment Partners analyst Belinda Stanley.
"We've seen them buy further assets up in Asia so they have a fairly healthy war chest after some large capital raisings recently," she says.
It is understood that ANZ is using its strong balance sheet to
take advantage of the global financial crisis in its growth
strategy.
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