Concept
ANZ Private is the private banking arm of Australia and New Zealand Banking Group Limited, the fourth of Australia's "big four" by market capitalisation. In Australia it sits within the Business & Private Bank division and serves about 17,500 customers, according to the official ANZ 2030 investor briefing of 13 Oct 2025; in New Zealand it operates inside ANZ Bank New Zealand. The model pairs a dedicated private banker with the in-house Chief Investment Office, structured lending capabilities and a dedicated Private Office for UHNW clients and family offices.
History and evolution
- 1835 — Bank of Australasia founded in London.
- 1837 — Union Bank of Australia established.
- 1951 — the two merge into the Australia and New Zealand Bank.
- 1 October 1970 — merger with ES&A creates Australia and New Zealand Banking Group, then the largest merger in Australian banking history.
- 1976–77 — domicile moved to Melbourne.
- 1984 — Grindlays Bank acquired.
- 2000 — Grindlays (including Grindlays Private Banking, Jersey/UK) sold to Standard Chartered.
- 2003 — National Bank of New Zealand acquired.
- 2014 — trustee arm ANZ Trustees sold to Equity Trustees for A$150m.
- 2016–18 — retail and wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia sold to DBS.
- 2017–2020 — OnePath exits: P&I and aligned dealer groups to IOOF (completed 3 Feb 2020); OnePath Life to Zurich (2019, 20-year distribution alliance).
- 18 July 2022 — Suncorp Bank acquisition announced (A$4.9bn); the ACCC blocked it in Aug 2023, the Competition Tribunal authorised it in Feb 2024, the Treasurer approved in Jun 2024; completed 31 July 2024 (~1.2m customers).
Regulation
In Australia the bank is an APRA-authorised ADI holding an AFSL via ASIC; ANZ Private bankers are representatives of Australia and New Zealand Banking Group Limited. The listed holdco is ANZ Group Holdings Limited (NOHC since January 2023). In New Zealand, ANZ Bank New Zealand Limited is an RBNZ-registered bank.
Compliance record: APRA imposed an operational-risk capital add-on of A$500m (2019), added A$250m (Aug 2024), then took a court-enforceable undertaking and raised the add-on to A$1bn (Apr 2025), with independent reviews. ASIC: on 15 Sep 2025 ANZ admitted misconduct and agreed to A$240m across five matters; on 19 Dec 2025 the Federal Court raised the total to A$250m — the largest combined ASIC penalties against a single entity, including a record A$80m for unconscionable conduct as duration manager on the April 2023 A$14bn AOFM bond deal; about 65,000 retail customers were affected. AUSTRAC: ANZ is not named in AUSTRAC's published list of current and concluded civil-penalty proceedings; the list includes the CBA and Westpac cases. Executive consequences: A$32m in bonuses pulled; former CEO Elliott forfeited A$13.5m, according to published reports.
Source of wealth
Typical source of funds: business owners and SME entrepreneurs, professionals, executives, agricultural wealth and family offices (served by a dedicated Private Office), plus a mass-affluent pipeline of ~200,000 in-profile customers named in ANZ 2030.
Who it serves
High- and ultra-high-net-worth clients in Australia and New Zealand: business owners, professionals, executives, farming families and family offices. ANZ says the unit "serves the majority of the AFR Rich List 200", according to published reports.
Services
Investment strategy (in-house Chief Investment Office), family wealth strategy, personal banking, risk protection, debt-driven strategies including structured and complex lending — e.g. lombard lending — philanthropy and impact investing, and superannuation. New Zealand offers a Discretionary Investment Management Service. Bespoke individual bond mandates from A$50m are available with Income Asset Management (2024), according to published reports, plus an exclusive Blackstone "Graphene Alternative Fund" for HNW clients (Jul 2024), according to published reports. Estate-planning advice is offered, but the trustee arm ANZ Trustees was sold to Equity Trustees in 2014 (A$150m).
Entities
| Jurisdiction | Legal entity | Form and supervision | Role |
|---|---|---|---|
| Australia | Australia and New Zealand Banking Group Limited | APRA-authorised ADI; AFSL via ASIC | ANZ Private bank; bankers are its representatives |
| Australia (holding) | ANZ Group Holdings Limited | Listed NOHC since January 2023 | Group holding company |
| Australia | Norfina Limited (Suncorp Bank) | Separate APRA ADI; licence to be handed back, migration to ANZ systems by June 2027 | Acquired bank in integration |
| New Zealand | ANZ Bank New Zealand Limited | RBNZ-registered bank | ANZ Private in NZ; New Zealand's largest fund manager via ANZ Investments (FUM NZ$41.9bn, +6% FY25) |
No international private banking remains: the Asian retail/wealth businesses went to DBS (2016–18) and Grindlays Private Banking to Standard Chartered in 2000.
Strengths
- Scale: 17,500 customers; client AUM ~A$10bn (+19% YoY), as reported by Euromoney in 2025; FY25 growth: investment funds +20%, commercial lending +17%, mortgages +11%.
- In-house Chief Investment Office (CIO Lakshman Anantakrishnan); Euromoney 2026: Australia's Best Private Bank, Best for UHNW, Best Chief Investment Office, according to official statements.
- Dedicated Private Office for UHNW and family offices (Head: Ofer Greenberg).
- ANZ 2030 (13 Oct 2025) names Private Banking a growth initiative, expanding the relationship-manager workforce.
Where it falls short
- Clients outside Australia and New Zealand: the international private banking network was sold to DBS and Standard Chartered.
- Anyone needing an in-house trustee: the trustee arm was sold in 2014.
- Reputation-sensitive clients: record ASIC penalties in December 2025 (A$250m) and an APRA capital add-on of A$1bn.
Group FY25 (to 30 Sep 2025): statutory NPAT A$5.89bn; total assets ~A$1.29tn; #4 of the big four by market capitalisation and around #2 by total assets post-Suncorp, according to published reports. Leadership: Group CEO Nuno Matos (since 12 May 2025, ex-HSBC); Group Executive Business & Private Bank Clare Morgan (departing; succeeded by Tammy Medard effective 1 May 2026); Managing Director ANZ Private Australia James Dunlop; ANZ New Zealand CEO Antonia Watson.
Q/A
How much do you need to become an ANZ Private client?
In Australia the official threshold is A$3m in funds to invest or borrow, excluding the family home. In New Zealand it is typically at least NZ$1.5m to invest, or significant lending with a personal annual income of NZ$400,000 or more.
Are deposits with ANZ protected?
In Australia the Financial Claims Scheme covers A$250,000 per account holder per ADI; ANZ and Norfina (Suncorp Bank) are still separate ADIs with separate caps. In New Zealand the Depositor Compensation Scheme has covered NZ$100,000 per depositor since 1 July 2025.
Does ANZ still have an international private banking network?
No. The retail and wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia were sold to DBS in 2016–18, and Grindlays Private Banking went to Standard Chartered in 2000.
What penalties did ANZ receive in 2025?
On 19 December 2025 the Federal Court approved combined ASIC penalties of A$250m across five matters — the largest ever against a single entity, including a record A$80m for unconscionable conduct on the AOFM bond deal. APRA also raised the operational-risk capital add-on to A$1bn.
Does ANZ have its own trustee for estate planning?
No. ANZ Trustees was sold to Equity Trustees in 2014 for A$150m; estate-planning advice remains part of the ANZ Private offering.