A host of international insurers are rumoured to be interested in a massive deal for a unit of a banking business.
ANZ Banking Group is planning to sell its wealth unit, with an information memorandum on the sale expected in five weeks, and a number of insurers are making moves for the auction.
The Australian Financial Review revealed that Zurich is in talks with Credit Suisse to assist in its bid while Deutsche Bank is leading the race to advise Asian life insurer
AIA Group.
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Other mooted buyers included Dai-Ichi Life, owners of TAL, MS&AD Insurance Group, Meiji Yasuda and
MetLife.
ANZ has already divested of UDC Finance and its 20% stake in Shanghai Rural Commercial Bank.
The life insurance division of the ANZ wealth business has $1.6 billion of in-force premiums, a 13% share of the individual market.
Zurich is no stranger to large investments in Australia, having secured a $741 million deal with travel insurer Cover-More in 2016.
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