JPMorgan has brought the custodian services business of Australia and New Zealand Banking Group Ltd in New Zealand and Australia.
Shayne Elliott, Managing Director of ANZ's institutional business informed that that the decision has been guided by ANZ’s plans to focus on the institutional business of the bank in Australia, New Zealand and Asia.
Elliott further informed, "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."
However, he declined to divulge financial details of the deal which is expected to be completed by late December this year. JPMorgan termed the deal beneficial for the company to strengthen its existing custodial services business in these countries.
Jane Perry, JPMorgan Worldwide Securities Services Chief Executive for Australia added, "This acquisition cements our position as one of the leading custodians in Australia and New Zealand."
Perry also said that the firm, having already strong base across the region, would offer custody services to the national and international institutions and fund managers.