George outlined the bank’s continued commitment to advice noting financial planning is a valuable service for many of ANZ’s customers and the bank is still committed to offering customers high quality wealth solutions.
“We still have our salaried financial planners here. Yes, we've changed models, but they're still in the bank offering their services to our customers,” George says.
On December 9 2019, ANZ confirmed the Australian Prudential Regulation Authority (APRA) had approved the sale of OnePath P&I. The bank said it estimates the proceeds will increase ANZ’s APRA CET1 capital ratio by ~20 basis points. The approval comes after the Independent Trustee (OnePath Custodians) and ANZ both confirmed no objection to the transaction.
George also commented to bluenotes on the bank’s ongoing work to separate the business.
“For the next few years we are still providing many of the operational services and processing,” says George. “I'm really focussed on making sure we do that well. That we look after the people and customers during that period of time.”
You can watch the video above to find out more.
Andrew Cornell is managing editor at bluenotes