A major bank has dropped plans to divest its New Zealand wealth management business following the COVID-19 economic meltdown.
AMP has confirmed it will be retaining its New Zealand wealth business and will now focus on plans to develop and grow the business in its existing markets.
The group reported it held discussions with a number of interested parties regarding the divestment, but the offers it received did not meet its expectations.
AMP has promised a further update on the Kiwi wealth management segment at its first half results in August.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].