First NZ Capital to buy ANZ’s DIrect Broking

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First NZ Capital has agreed to buy ANZ Bank New Zealand’s online trading platform for an undisclosed sum as the broking firm expands into the direct wealth market.

Wellington-based FNZC has signed up to a strategic alliance with the country’s biggest lender, buying the online platform currently known as ANZ Securities, which will return to its old name Direct Broking, while ANZ will use the relationship to keep strong retail distribution. The deal is expected to be completed in the second half of 2018, subject to unnamed closing steps and conditions.

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