ING Groep NV said Friday it has agreed to sell its 51% stake in its life insurance and wealth management venture in Australia and New Zealand to Australia and New Zealand Banking Group Ltd. (ANZBY) for EUR1.1 billion (A$1.87 billion) in cash.

In a statement, ING Group said it expects a profit of around EUR 300 million from the sale, which will improve its debt to equity ratio. It will also free up an estimated EUR900 million of capital.

ANZ, which currently owns 49% of the wealth joint venture, has been targeting growth in the wealth management sector in Australia. It had been sitting on around A$4 billion in cash following a recent capital raising.

An ANZ spokeswoman was not immediately abailable to comment.

-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; lyndal.mcfarland@dowjones.com
Australia And New Zealan... (ASX:ANZ)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Australia And New Zealan... Charts.
Australia And New Zealan... (ASX:ANZ)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Australia And New Zealan... Charts.