Take Survey
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  | 

Merger Creates Leading Manager Foundations


Monday, 25th October 2004 at 1:10 pm
Staff Reporter
ANZ has signed a Heads of Agreement with EQT to merge ANZ’s trustee business with Equity Trustees creating Australia’s third largest trustee company and the country’s leading manager of charitable foundations.

Monday, 25th October 2004
at 1:10 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Merger Creates Leading Manager Foundations
Monday, 25th October 2004 at 1:10 pm

ANZ Banking Group Limited (ANZ) has signed a Heads of Agreement with Equity Trustees Limited (EQT) to merge ANZ’s trustee business with Equity Trustees creating Australia’s third largest trustee company and the country’s leading manager of charitable foundations.

ANZ announced that in consideration for its trustee business, ANZ will become the major shareholder in Equity Trustees with a 37.5% share of the expanded issued capital and will receive $3 million in cash.

It says the merged entity will be Australia’s largest manager of charitable funds with over $800 million in assets. The bank advised that its traditional role in the charitable trust sector will be maintained in the merged company through the formation of a new ANZ Philanthropy Board to oversee grants by the charitable trusts connected with Equity Trustees.

The ANZ group managing director of strategic development, Peter Hawkins says the merger would create a leading national trustee company and allow ANZ to retain a strategic interest in the trustee sector and in philanthropic activities.

Hawkins says the partnership will allow ANZ to participate in their growth and success and also to continue its involvement in the important philanthropic work done by our clients’ charitable trusts.

The Managing Director of ANZ Trustees, David Ward says that together the businesses will be stronger and enjoy the benefit of greater economies of scale than each of the current stand-alone businesses.

Completion of the merger is expected early in 2005 subject to the outcomes of due diligence, regulatory and government approvals and approval by Equity Trustees’ shareholders.




Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Tags : Foundations,

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Delivering Early Wins to Support Impact Investing

Lina Caneva

Tuesday, 27th January 2015 at 9:45 am

Investing in Real Change: Global Steps Forward for Australia

Lina Caneva

Wednesday, 24th September 2014 at 11:24 am

Racial Bias in US Environmental Organisations – Report

Lina Caneva

Thursday, 31st July 2014 at 11:10 am

Pro Bono Australia’s Guide to Giving 25th Anniversary Edition Now Open

Staff Reporter

Thursday, 17th July 2014 at 10:38 am

POPULAR

Report Uncovers Shocking Abuse and Neglect of Adults With Disability

Luke Michael

Monday, 5th November 2018 at 5:29 pm

White Ribbon CEO Puts Hasty Departure Down to Culture Clash

Maggie Coggan

Monday, 12th November 2018 at 5:49 pm

Government Backtracks on Cuts to Food Relief Charity

Maggie Coggan

Monday, 12th November 2018 at 5:42 pm

Disability Groups Cautious Over NDIS Independent Assessment Pilot

Luke Michael

Monday, 12th November 2018 at 5:38 pm

Take Survey
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!