ANZ buys ING's stake in insurance and wealth management JV

ANZ pays $1.53 billion to increase its ownership in its Australian life insurance and wealth management joint venture to 100% û a move that it says became possible due to the financial crisis.

On Friday, Australia and New Zealand Banking Group ANZ acquired ING's 51% interest in its life insurance and wealth management joint venture in Australia and New Zealand for A$1.76 billion $1.53 billion, making it the sole owner of these businesses. Until now, the businesses have been run as a 4951 joint venture between the Australian and Dutch firms.

The price translates into 11x normalised calendar 2008 earnings for the businesses and 1.2x the embedded value on...

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