ANZ takes less for OnePath
ANZ has dropped the sale price of its OnePath Pensions and Investments business and aligned dealer group, which is being sold to IOOF Holdings.When the sale was first announced in October 2017, the price was A$975 million. But yesterday the bank announced that it had dropped to $850 million.ANZ said in a statement to the ASX: "The revised terms reflect changing market conditions and include lower overall warranty caps, as well as some changes to the strategic alliance arrangements."The bank expects the sale to be finalised in the March quarter next year. Completion of the transaction will increase ANZ's common equity tier 1 capital ratio by about 20 basis points.In June, the bank completed the sale of the other part of the OnePath business, OnePath Life, to Zurich Financial Services Australia.That deal was worth $2.85 billion. Terms of the sale include a 20-year agreement for Zurich to provide life insurance products to ANZ customers through the bank's distribution channels.Five hundred ANZ staff joined Zurich.