ANZ selling custodian services to JP Morgan

ANZ Banking Group Ltd will sell its custodian services business to US Banking giant JP Morgan as the Australian lender moves to focus on its core markets in the Asia Pacific.

"Custodian Services is increasingly a global scale business and JP Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions," ANZ institutional managing director Shayne Elliott said in a statement on Friday.

"This transaction continues the process of refocusing ANZ's Institutional business on our core banking priorities in Australia, New Zealand and Asia."

Sale completion is expected before December 31, subject to regulatory approvals, and will be followed by a progressive transfer of business and staff during 2010.

JP Morgan's securities services business has $US14.9 ($NZ20.7) trillion under custody and $US5.1 trillion under administration.

- AAP