ANZ is the latest of the major banks to offload parts of its wealth management operation after selling four aligned dealer networks and its superannuation arm to IOOF.The bank will collect A$975 million from the sale, which could help to elevate its Tier One capital ratio close to a sector-leading 11 per cent after it reports its full year result later this month.Most of ANZ's wealth management division is composed of the former ING wealth management businesses, which the bank acquired for around $2 billion in 2009.The business was later rebranded as OnePath.Under the deal, ANZ has entered a 20-year partnership that will see IOOF become the core supplier of superannuation and investment products to ANZ customers.IOOF will boost its funds under management by $48 billion and absorb the Millennium3, RI Advice, FSP and Elders dealer groups into its distribution network.The sale does not include the OnePath life businesses, the bank's proprietary stable of 286 financial planners, or the general insurance arm.The bank told the ASX that the sale price on the IOOF transaction represented a multiple of around 25 times 2017 net profit.That's a high multiple but the attraction for IOOF is the privileged access it will secure to market its investment products through ANZ distribution channels until 2038.When the deal is completed IOOF will consolidate its position as the country's second largest investment advice business behind AMP.It will also more than double the value of funds it has under administration.ANZ is continuing to explore sale options for the life businesses, which are expected to fetch up to $3 billion.At least three interested bidders were invited in July to conduct due diligence on ANZ's life arms.According to a Bloomberg report the shortlisted bidders were AIA Group, MetLife and Zurich Insurance.The three potential acquirers were given until September 15 to lodge bids. However, a sale of the life businesses may take "some time" to complete according to ANZ's head of wealth operations, Alexis George.George told ANZ's Bluenotes news service that a decision was made recently to separate the sales process for the superannuation and insurance businesses."We really found out that during the process of this it's better if we separate the businesses," said George."It gives us a much cleaner look at what we do in insurance."ANZ is still committed to the strategy of not manufacturing insurance, so we need to look for alternatives for insurance."It may take some time - I just want to be clear about that."