ANZ Considers Selling Share Trading Platform

Tom Burroughes

1 August 2016

is considering selling its share trading platform, saying that technology developments are changing how it operates.

The bank is “exploring strategic options for ANZ Share Investing that may include a sale of its share trading platform,” it said in a statement late last week.

The Sydney-listed bank has issued an information memorandum to a number of international and domestic specialist providers, it said, although its statement did not identify them by name.

“As we have seen with ANZ’s recent introduction of Apple Pay and Android Pay, the days of a bank needing to own every piece of technology are gone. We believe we can achieve better outcomes for our customers by partnering with a specialist provider committed to the technology investment and product innovation needed to provide a world-class offering,” said Peter Mullin, managing director for pensions and investments.

“The process is expected to take a number of months to finalise and in the meantime it’s business as usual for both our customers and staff,” Mullin added.

Earlier in July, ANZ became the first major bank in Australia to launch Android Pay, enabling contactless payments via debit and credit cards.