ANZ has agreed to sell its Custodian Services business in Australia and New Zealand to JP Morgan.
"Custodian services is increasingly a global scale business and JP Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions," ANZ managing director of institutional Shayne Elliott said in a statement.
"This transaction continues the process of refocusing ANZ's Institutional business on our core banking priorities in Australia, New Zealand and Asia."
ANZ did not disclose how much the business was sold for in the statement.
The transaction is expected to be completed before 31 December 2009, subject to regulatory approvals and will be followed by the progressive transfer of business and staff within 2010, ANZ said.
JP Morgan. Worldwide Securities Services is a global securities servicing provider with US$14.9 trillion in assets under custody and US$5.1 trillion in assets under administration.
