Australia and New Zealand Banking Group (ANZ) has agreed to sell its custodian services business in Australia and New Zealand to JPMorgan, reported The Wall Street Journal. JP Morgan said the deal would give it access to more than A$99 billion in assets under custody to build on its existing custodial services business in Australian and New Zealand.
Jane Perry, CEO of JPMorgan Worldwide Securities Services in Australia and New Zealand, said: “This acquisition cements our position as one of the leading custodians in Australia and New Zealand. Building on what is already a strong base, JPMorgan will be the only firm in the local market that can offer the full range of custody services, including global, local, sub-custody and fund administration services to domestic and international institutions and fund managers.”
Shayne Elliott, managing director of institutional business at ANZ, said that the deal is part of a plan to concentrate on its core banking operations in Australia, New Zealand and Asia. “Custodian services is increasingly a global scale business and JPMorgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions,” reported the newspaper.
