ANZ life sale could pave way for buybacks

Original article by Alice Uribe, Joyce Moullakis, Sarah Thompson
The Australian Financial Review – Page: 17 & 21 : 13-Dec-17

CEO Shayne Elliott concedes that the ANZ Bank’s earnings will be lower following recent asset sales, although he believes that refocusing the group is in the best interests of shareholders. ANZ shares closed 1.1 per cent higher at $A28.82 on 12 December after it announced the sale of its life insurance division to Zurich for $A2.85bn. ANZ had sold the OnePath business to IOOF Holdings earlier in 2017. Elliott has indicated that ANZ could potentially use the proceeds of the latest deal to finance a share buyback.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ZURICH FINANCIAL SERVICES AUSTRALIA LIMITED, ZURICH INSURANCE COMPANY, ONEPATH AUSTRALIA LIMITED, IOOF HOLDINGS LIMITED – ASX IFL, UBS HOLDINGS PTY LTD, SHAW AND PARTNERS LIMITED

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