UPDATE: ANZ Sells Custodian Services Business To JPMorgan

Australia and New Zealand Banking Group Ltd. (ANZ.AU) said Friday it is selling its custodian services business in Australia and New Zealand to JPMorgan for an undisclosed sum.

Shayne Elliott, managing director of ANZ's institutional business, said the deal is part of a drive to refocus the bank's institutional business on its core banking priorities 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," Elliott said in a statement.

ANZ didn't disclose the amount it was selling the business for but a spokesman for the bank said it was not material.

JPMorgan said the purchase would give it access to more than 100 clients and A$99 billion in assets under custody and build on its existing custodial services business in Australian and New Zealand.

"This acquisition cements our position as one of the leading custodians in Australia and New Zealand," JPMorgan Worldwide Securities Services Chief Executive for Australia and New Zealand Jane Perry said.

"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."

ANZ said the deal is expected to be completed before the end of 2009.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com

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