FNZC have entered into a formal strategic alliance with ANZ. As part of that alliance, FNZC has agreed to purchase the online trading platform known as ANZ Securities.
On completion of the transaction, the platform will be operated by FNZC and renamed Direct Broking.
The strategic alliance will see ANZ and FNZC combining their relative strengths, to provide enhanced customer focused access to capital markets.
It enables ANZ to simplify its business, while ensuring its clients have access to online trading, and provides FNZC entry into a new market segment.
Today’s announcement is the beginning of FNZC’s investment into the Direct Wealth market, an area we are excited to be entering. The business will be headed by recent hire Fiona Mackenzie, and in time will see considerable investment.
Direct Broking’s online trading capability will be enhanced, providing investors with access to research, IPOs, new products and access to FNZC’s market leading liquidity.
FNZC is committed to providing New Zealanders broader access to the capital markets. Our ultimate goal is to help New Zealand’s capital markets develop into a vibrant marketplace.
The addition of Direct Broking demonstrates FNZC’s commitment to invest in, and enhance the FNZC customer experience.
The transaction is expected to complete in the second half of 2018. The period between now and completion is a transitional period during which FNZC and ANZ will work toward the transfer of the business and the online trading platform.
Pending completion, existing ANZ Securities clients will continue to have access to the online trading platform. It will be status quo for FNZC clients with respect to the services received.
Following Completion, the Direct Broking online trading platform will be accessible by both FNZC clients and ANZ clients that have elected to transfer to FNZC.