Published: 12:19PM Friday November 20, 2009
Source: ONE News
Source:
ANZ Group is selling its custodian services in Australia and New Zealand to global securities servicing provider JP Morgan.
The division provides services such as settlement and clearing to its local and international clients for Australia and New Zealand-listed securities.
ANZ Group managing director for institutional Shayne Elliot says the move is part of the company's ongoing process of refocusing its core banking priorities in Australasia.
Elliots says JP Morgan, with its global scale of business, is well placed to service clients. JP Morgan currently has $US14.9 trillion worth of assets in its custody.
The deal is expected to be completed before the end of December.
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