M&A

19 November, 2009

ANZ Bank sells custodian business to JP Morgan

SYDNEY, Nov 20 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX) said on Friday it had agreed to sell its custodian services business in Australia and New Zealand to JP Morgan (JPM.N) for an amount it said was not material.

The Australian lender sold the business to concentrate its institutional business on the core bank, the bank's group managing director institutional, Shayne Elliott, said in a statement. (Reporting by Morag MacKinnon)

Source: http://www.reuters.com