July 26 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ) said on Thursday it entered a term sheet to transfer an 82 percent stake in its pensions unit (P&I) and ownership of its aligned dealer groups (ADG) to wealth manager IOOF Holdings Ltd (IFL)
The deal is to take effect from October 1 and the lender will receive an initial payment of A$800 million ($596.40 million).
ANZ announced the sale of the P&I and ADG businesses to IOOF in mid-October 2017. ($1 = 1.3414 Australian dollars)
News: IFL Australia's ANZ to sell majority stake in pensions business for initial $596 mln
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| Open | High | Low | Value | Volume |
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