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Macquarie, AMP in talks on joint bid for ANZ’s wealth unit

( March 7, 2017, 03:03 GMT | Insight) -- Australia-based investment bank Macquarie Group and listed financial services company AMP are said to be in talks over a joint bid for ANZ's A$4 billion ($3 billion) wealth management operation, The Australian reports. Australia-based investment bank Macquarie Group and listed financial services company AMP are said to be in talks over a joint bid for ANZ's A$4 billion ($3 billion) wealth management operation, The Australian reports. Macquarie is believed already to have submitted an expression of interest for the ANZ wealth operation, while talks with AMP continue over equity distribution and whether the latter can take over parts of the business, such as life insurance products. The report also says ANZ is more interested in selling to financial groups rather than private equity firms, as it wants to continue selling ANZ-branded products through the buyer. The divestment process is expected to begin within weeks....

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