ANZ shareholders approved a restructuring of the bank at a scheme meeting yesterday, which will see the group’s banking and non-banking business split into two separate companies.

Under the proposal approved at a scheme meeting yesterday, the two businesses will operate under the control of a non-operating holding company.

ANZ chair Paul O’Sullivan said banking will remain ANZ’s core business. The restructure will allow it to develop new businesses or partner with other companies without the constraints of banking regulation.

O’Sullivan said: “Customers are demanding more from their banks – better services, better products and better digital solutions. Consistent with this traditional banking is facing significant disruption from new non-bank competitors, mainly global technology companies launching financial services products.

“These businesses are not regulated in the same way as banks. This new NOHC will allow ANZ to partner with technology companies on a level playing field.”

A number of Australian and global financial institutions operate as NOHCs. They include Macquarie Group, Suncorp Group, Bank of America, JP Morgan, HSBC and Barclays.

Under the proposal, shareholders will exchange their existing ANZ shares for shares in the new listed holding company, ANZ Group Holdings Ltd, with no change in the number of shares each shareholder holds.

The bank said the restructure will involve an estimated A$35 million of transaction costs.

The restructure has already been approved by APRA, the Reserve Bank of New Zealand, the Australian Treasurer and the US Federal Reserve.

The next step is Federal Court approval. A court hearing is scheduled for next Monday. If the court approves, the court orders will be lodged with ASIC.

ANZ’s expectation is that ANZ Group Holdings will list on the ASX and NZX on December 21.