APRA has approved the sale of ANZ's OnePath Pensions and Investments business to IOOF Holdings, bringing to a conclusion a transaction that has been in train for two years.The protracted sale process has been costly for ANZ. When the sale was first announced in October 2017, the price was A$975 million. But a couple of months ago the bank announced that it had dropped to $850 million.ANZ said: "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 completed in the March quarter next year. It estimates that it will increase its APRA CET1 capital ratio by about 20 basis points.APRA said in a statement that its decision "recognises IOOF's progress in strengthening governance structures and management of conflicts within its existing RSE licensees, in response to additional licence conditions imposed by APRA in December 2018".In June, ANZ 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.