ANZ has no plans to sell its OnePath business despite the banking group's wealth division returning soft results two years running.
ANZ Wealth is still expected to offer growth going forward, an ANZ spokesperson told InvestorDaily.
"ANZ is not considering selling the OnePath business," the spokesperson said.
"Wealth management is a key priority for ANZ and a strategic growth opportunity."
ANZ's wealth and private banking business were brought together into one ANZ division in March this year.
"The goal [is] growing this business and enhancing customer delivery in all of the regions in which ANZ operates," the spokesperson said.
"It is now a global position. It was sitting under Australia as one domestic business but now [we have] brought all the regions together."
Earlier this month, ANZ announced that it was frustrated by traction in its wealth business following a disappointing first half year result.
In the period ending 31 March 2012, ANZ's wealth arm experienced a 9 per cent drop in net profit after tax from the previous period and 18 per cent year-on-year to $179 million.
In April, ANZ announced it had cut more than 200 jobs from within its wealth division. The cuts were follow job losses at the banking group in February and are in line with its decision to adapt to the changing business environment, a spokesman told InvestorDaily at the time.
"These changes are part of the staff reduction of about 1000 people we announced in February. We have now made the bulk of these changes," he said.
At the time, ANZ chief executive Mike Smith said that because there were a disparate set of businesses that make up the wealth business, it was becoming fractured and difficult to manage.
"So the idea was to take it out of the Australian business and create a global business to really bring it into the super-regional. We will run that as a separate business line on the global basis," he said.
