Goldman’s Instructed by ANZ
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It has been an interesting week for Australian bank ANZ. On Monday it agreed a deal with Singaporean bank DBS to dispose of its Asian wealth units. Now it appears the bank has hired Goldman Sachs for another deal.
According to a report the bank has appointed Goldman Sachs to lead the sale. Also involved in any transaction will be the Melbourne-based boutique Flagstaff Partners.
Insurance Units Next to go?
Flagstaff has worked with ANZ on several occasions including as a financial adviser to the ANZ Banking Group on the sale of ANZ Trustees to Equity Trustees. It also acted as a financial adviser on the acquisition of the remaining 51 percent shareholding in the ANZ-ING wealth management and life insurance joint venture.
Questions & Answers
Q.What is Goldman Sachs' role in this latest deal?
What is Goldman Sachs' role in this latest deal?
Goldman Sachs has been appointed by ANZ to lead the sale of the assets. They are expected to be the primary firm overseeing the transaction, though other advisers will also be involved.
Q.Which other firm is assisting with the transaction?
Which other firm is assisting with the transaction?
Melbourne-based boutique firm Flagstaff Partners will also be involved in this transaction. They have a history of working with ANZ on previous deals, offering their financial advisory services.
Q.What kind of assets did ANZ recently sell to DBS?
What kind of assets did ANZ recently sell to DBS?
ANZ recently agreed a deal with Singaporean bank DBS to dispose of its Asian wealth units. This transaction was finalised earlier in the week, prior to the announcement of Goldman Sachs' appointment.
Q.Has Flagstaff Partners worked with ANZ before?
Has Flagstaff Partners worked with ANZ before?
Yes, Flagstaff Partners has worked with ANZ on several occasions. Their past roles include advising on the sale of ANZ Trustees and the acquisition of a 51 percent shareholding in a wealth management joint venture.