IOOF update on acquisition of ANZ P&I

Australia and New Zealand Banking Group Limited ABN 11 005 357 522


17 October 2019






IOOF update on acquisition of ANZ P&I



Pursuant to the NZX Listing Rules, please find attached an announcement released by a third party,
IOOF Holdings Limited (IFL), on ASX and cross-released under ANZ’s ASX ticker code.



Yours faithfully


Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

Company Secretary’s Office
ANZ Centre Melbourne, Level 9, 833 Collins Street, Docklands Vic 3008
GPO Box 254, MELBOURNE VIC 3001 AUSTRALIA
www.anz.com

IOOF Holdings Ltd
ABN 49 100 103 722
Level 6, 161 Collins Street
Melbourne VIC 3000

GPO Box 264
Melbourne VIC 3001
Phone 13 13 69
www.ioof.com.au

17 October 2019

IOOF update on acquisition of ANZ P&I

IOOF Holdings Ltd (IOOF) welcomes the receipt of the No Objection Notices from both OnePath
Custodians Pty Limited (OPC) and Australia and New Zealand Banking Group Limited (ANZ) in
relation to the transfer of the ANZ Wealth Pension and Investments business (ANZ P&I) to IOOF.

Additionally, ANZ and IOOF have also agreed the following changes to the terms of the ANZ P&I
acquisition:
• a purchase price of $825 million for ANZ P&I, revised down from $950 million, with the
purchase price remaining subject to a completion adjustment for the net assets of ANZ P&I.
• a revised date after which either party may terminate the acquisition of ANZ P&I if there are
any outstanding conditions precedent on that date. Previously that date was 17 October 2019,
and the parties have agreed to extend that date to 31 December 2019, with each party having
the ability to extend that date on a monthly basis up to but not later than 30 June 2020.
• changes to warranty caps associated with reduced purchase price and an amendment to the
Strategic Alliance Agreement allowing for an earlier termination right by either party.

IOOF CEO Renato Mota commented “The revised terms reflect both ANZ and IOOF’s commitment to
completing the transaction and it delivers greater certainty to ANZ P&I members and clients. Despite
a challenging operating environment for wealth management, the strategic rationale for the transaction
remains compelling and we continue to be confident in the significant benefits it will deliver.

“The transaction will meaningfully increase the scale and footprint of our core business as we continue
to invest in delivery of member outcomes and execute our strategy to deliver accessible, advice-led
wealth management for the benefit of all Australians.

“We have been supportive of OPC’s need to form its own view that the transfer to IOOF is in the best
interests of their members and are pleased to see they have formed that opinion.”

Amendments to the Superannuation Industry (Supervision) Act 1993 (Cth) which came into force on
5 July 2019, give the Australian Prudential Regulation Authority (APRA) an approval power in respect
of the acquisition of controlling stakes in Registrable Superannuation Entity (RSE) licensees.

Approval from APRA remains a requirement for the ANZ P&I transaction to complete. IOOF submitted
its final application to APRA for approval on 4 October 2019.

Mr Mota said, “APRA is currently considering our final application in detail and we welcome further
engagement with them on IOOF’s delivery of better member outcomes.

“SPS 515
1
will be applicable to all RSEs from January 2020. Our focus on supporting positive member
outcomes is underpinned by ongoing stronger governance and higher standards.

Together with our key stakeholders, IOOF is committed to restoring trust and improving the lives of
our clients and their communities.”

- ENDS -



1
Prudential Standard SPS 515 – Strategic Planning and Member Outcomes, January 2020

Enquiries:

Rachel Scully
Head of Corporate Affairs
IOOF Holdings Ltd
P: +61 3 8614 4530
M: +61 438 601 942

E: rachel.scully@ioof.com.au
Media enquiries:

Louise Watson
Managing Director
Symbol Strategic Communications
P: +61 2 8011 0591
M: +61 419 185 674

E: lwatson@symbolstrategic.com.au




About IOOF Holdings Ltd
IOOF has been helping Australians secure their financial future since 1846. During that time, we
have grown substantially to become one of the largest groups in the financial services industry.
IOOF provides advisers and their clients with the following services:
• Financial Advice services via our extensive network of financial advisers.
• Portfolio Management and Administration for advisers, their clients and hundreds of
employers in Australia.
• Investment Management products that are designed to suit any investor’s needs.
Further information about IOOF can be found at www.ioof.com.au