July 26, 2018 / 1:49 AM / 25 days ago

Australia's ANZ to sell majority stake in pensions business for initial $596 mln

(Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX) said on Thursday it entered a term sheet to transfer an 82 percent stake in its pensions unit (P&I) and ownership of its aligned dealer groups (ADG) to wealth manager IOOF Holdings Ltd (IFL.AX)

The deal is to take effect from October 1 and the lender will receive an initial payment of A$800 million ($596.40 million).

ANZ announced the sale of the P&I and ADG businesses to IOOF in mid-October 2017.

Reporting by Aaron Saldanha in Bengaluru; Editing by Muralikumar Anantharaman

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